Custom & Excise duty reduced on petro products

With effect from 25thJune, 2011, the Central Government has reduced basic customs duties on crude from 5% to Nil, on petrol and diesel from 7.5% to 2.5% and on other petroleum products from 10% to 5%.  Similarly, the basic excise duty on diesel has been reduced to Nil from Rs. 2 per litre.

 The custom and excise duties realized from petroleum crude and products during the last three years are as under: 

Revenue realized from Petroleum crude and products

(Rs. In crore)

  2008-09 2009-10 2010-11
Customs duty 11174 7755 26281
Central excise duty 59383 64012 76546

 

 

 

 

 

 

 

This information was given by the Minister of State for Finance Shri S.S. Palanimanickam in a written reply to a question raised in Rajya  Sabha today.

profile image

About Taniya

Taniya | Associate

eMinds Legal Consulting Pvt. Ltd. is a Consulting Firm in India specialzing in Corporate Laws, Compliances, Secretarial, FEMA, Indirect Taxation, Cyber Laws & Contracts. The Firm comprises of a team of professionals of Company Secretaries, Lawyers and Chartered Accountants with an in-depth subject matter knowledge and participative industry experience of over 12 years.

Corporate Law Referencer

Recent Articles

Recent Legal updates

Recent Gst Updates