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RBI urges central and state governments to cut petrol and diesel taxes…..

New Delhi: The Reserve Bank of India (RBI) has asked the central and state governments to cut taxes on petroleum products.

Earlier in the budget, the Agriculture Development Cess Center had fixed Rs 2.5 for petrol and Rs 4 for diesel. However, the Center has reduced the basic excise duty and the additional excise duty proportionately so as not to impose additional burden on the new cess population. In this context, the import duty on ordinary petrol is Rs 2.5. In addition, a liter of petrol will be taxed at Rs 14.90, customs duty at Rs 18, basic excise duty of Rs 1.40 and agricultural development cess of Rs 2.5. It should be noted here that the tax structure on petrol and diesel is different in each state.

In any case, the Reserve Bank wants the Center and the states to be prepared to cut tax rates and keep petrol and diesel prices low. The Reserve Bank is also discussing inflation based on the country’s food inflation. Food inflation fell to 3.41 per cent in December from 9.5 per cent in the previous month. The Reserve Bank of India (RBI) has said that the sharp fall in food prices has helped control inflation. The Reserve Bank of India (RBI) has forecast retail inflation at 5.2 per cent in the fourth quarter of this year. In the first quarter of the next financial year, it may shrink from 5.2 to 5.0 per cent. The central bank has forecast 4.3 per cent inflation for the third quarter of fiscal 2022.

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