Finance Minister link NirmalaSitharaman today took to twitter to announce a series of steps taken by theNarendra Modi government over the past one year- biggest of them in currentcontext being the decision to reduce the central excise duty on Petrol byRs 8 per litre and on diesel by Rs 6 per litre. Late in the evening, thegovernment in circulur added that India will cut import duty on coal to 0%from 2.5%.
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This will reduce the price of petrol by Rs 9.5 per litre and of Diesel byRs 7 per litre. The move will have revenue implication of around Rs 1 lakhcrore per year for the government.
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“Today, the world is passing through difficult times. Even as the world isrecovering from Covid-19 pandemic, the Ukraine conflict has brought insupply chain problems and shortages of various goods. This is resulting ininflation & economic distress in a lot of countries,” she said in a seriesof tweets.[image: appinstlBnr]link”While the excise cut on petrol will have revenue implication of around Rs1 lakh crore per year for the government, subsidy on gas cylinder will costa revenue Rs6100 crore a year to the exchequer,” categorically highlightedthe finance minister.
