OIL & GAS

Decision on excise duty cut on petrol, diesel when time comes: CBIC chairman

The government will look to reduce prices of petrol and diesel through a cut in taxes when the time comes, the head of the agency responsible for excise and other indirect tax collections said on Tuesday.

Record excise duty on petrol and diesel helped indirect tax collections rise by more than 59 per cent in the fiscal year ended March 31 (2020-21) when compared to the previous year.

“We are very hopeful that revenue in the coming months is going to be very strong,” Central Board of Indirect Taxes and Customs (CBIC) Chairman M Ajit Kumar said over a video call with journalists to give out tax collection numbers.

Source
ET Energy World
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