Government gets nod for enabling powers to raise levy on petrol, diesel
The Narendra Modi-led Government on Monday disappointed India Inc and the masses by not announcing any measures to provide relief to the Covid-19-affected economy. However, it did manage to get approval from the Lok Sabha for enabling powers to raise duty on petrol and diesel in future.
Meanwhile, Finance Minister Nirmala Sitharaman also moved an amendment in the Finance Bill to define threshold for taxation on Non-Resident Indians (NRI). The Finance Bill was passed in the Lok Sabha without any debate or reply.
Fuel taxation
In an amendment in the Finance Bill, the upper limit for special additional excise duty on petrol is fixed at ₹18 while on diesel it is ₹12. At present, petrol attracts special additional excise duty at the rate of ₹10 per litre while for diesel, it is ₹4.
