PHD Chamber seeks 25 pc cut in excise duty, VAT on petroleum products
Industry chamber PHD Chamber has urged the government to reduce excise duty and VAT (value added tax) on petrol and diesel by 25 per cent to bring down the prices by Rs 9 to 10 per litre.
“Prices of the petroleum products should be in sync with the deceleration in the international crude oil prices and all the movement in the International crude oil prices must be captured and implemented in the domestic prices in the same way,” PHD Chamber of Commerce and Industry President D K Aggarwal said in a statement.
He further said this can be a boon for the Indian economy as inflationary conditions will be benign and price cost margin of the businesses will improve.
