Markets

Government Announces Relief On Fuel Prices By Reducing Excise Duty

Government Announces Relief On Fuel Prices By Reducing Excise Duty”

Soon after the finance minister's announcement, the Maharashtra government said it would give an additional relief of Rs 2.5 per litre on petrol - a total benefit of Rs 5 litre - Chief Minister Devendra Fadnavis said on Twitter.

Petrol, diesel price cut: Eleven states announced cuts in prices of petrol and diesel on Thursday. In Mumbai, petrol rates had breached Rs 90 per litre.

Assam government also made a decision to reduce Rs 2.50 on both petrol and diesel, thus making it Rs 5 less than the prevailing rates, said Himanta Biswa Sarma, the state minister of Finance, Health & Family Welfare, PWD, Transformation & Development.

Maharashtra, Gujarat, Uttar Pradesh, Haryana, Assam, Tripura, Madhya Pradesh, Jharkhand, Arunachal Pradesh, Himachal Pradesh, and Chhattisgarh were the 11 to match the Centre's rate cut.

Wenger put the 'Arsenal Way' above winning, says Cech
Arsenal manager Unai Emery has surprised many this season by pairing Aubameyang and Lacazette up front for his side this season. But Bernd Leno is a young goalkeeper and he has a big future here".

In a tweet, Gujarat Chief Minister Vijay Rupani announced that "the government of Gujarat has chose to cut Rs 2.50 on both petrol and diesel".

The central government had incrementally taxed the fuels when the global crude prices had hit an all-time low to generate revenues for the state in order to rein in the fiscal deficit.

The RBI said that the state-owned oil companies can raise external commercial borrowings (ECBs) for working capital with minimum average maturity of 3-5 years and they don't have to mandatorily hedge all ECBs. This will reduce the overall price by about Rs 5. But growing public anger over surging fuel prices has caught the attention of the government.

While a cut in excise duty that the central government levies will impact fiscal deficit, states like Bihar, Kerala, and Punjab are not in a position to cut sales tax (or VAT), they said.

Leonard jokes at Raptors media day: 'I'm a fun guy'
In fact, they've won at least 48 games in each of their last five seasons. "If you look at the future, you are going to trip on the present".

Responding to a query about state governments following suit with similar tax cuts, Jaitley said that this measure would be a "a test for all state governments, especially those whose leaders have been demanding cuts while paying lip service to people".

Prime Minister Narendra Modi's ruling Bharatiya Janata Party is facing a tough election in three key states this year, followed by a national election which is due by May.

Punjab Chief Minister Captain Amarinder Singh called a meeting of officers of excise and taxation and finance department on Friday to assess the implications and the impact of the Centre's suggestion to states on reducing fuel prices. "What will they do now and last time also only BJP and NDA-led state governments reduced Value-Added Tax".

SpaceX to announce private moon flight passenger
He also desires to take the artists with him to convert the entire trip into an art project that will be known as #dearMoon . Musk also anticipates SpaceX's Starlink satellite system to be operational by then, which he said will aid in the broadcast.



Like this

Latest


05 October 2018
China condemns US for South China Sea freedom of navigation operation
Such operations need to be within 12 nautical miles of an island or territory to constitute a challenge under global law. Navy ships during previous FONOPs in the South China Sea , but Sunday's encounter appears to the be the closest one yet.

03 October 2018
Amazon Raises Minimum Wage for U.S. Workers to $15 Per Hour
The move comes amid a national push from the labor-backed Fight for $15 movement to raise the minimum wage nationwide. For example, if an employee draws $US100 from food stamps , that person's employer would be taxed the same amount.

03 October 2018
Champions League: Man Utd train ahead of Valencia clash
Of course I feel for him. "There's no way that the previous game you've played can have anything to do with this game coming up". According to a report from RMC Sport , Mourinho has lost the faith of his players, and his days are now "numbered".

28 September 2018
Trump says Republicans should have pushed through Kavanaugh sooner
She said that Kavanaugh's declaration of "innocence" and lack of sexual inactivity in high school on Fox News is a lie. Ford and Kavanaugh are set to testify before the Senate Judiciary Committee on her allegation on Thursday.

27 September 2018
Real 'People's Vote' on Brexit would be general election - McDonnell
John McDonnell said the vote should "respect" the 2016 result and only be on the government's negotiated deal with Brussels. The motion being debated on Tuesday is far from a commitment from the leadership to back a second referendum.

26 September 2018
China says won't weaken currency to boost exports, as USA tariffs mount
It shouldn't be to shrink trade with China, much less cripple its economy. And we will come back with more if they retaliate. But many analysts were skeptical .

26 September 2018
Bill Cosby sentenced to 3 to 10 years in prison
The classification means that Cosby must undergo monthly counseling for the rest of his life and report quarterly to authorities. Montgomery County District Attorney Kevin Steele rejected the notion that "age, infirmity, should somehow equate to mercy".

26 September 2018
Paul Pogba wants return to Italian club Juventus
He has indicated privately he will not look to force a transfer in January but will reassess his options at the end of the season. We had the personality to take penalties and play the way we did.

24 September 2018
Google Pixel 3 And 3 XL Latest Leaks on Its Renderings
The Pixel 3 XL is said to have been in a Lyft-licensed cab in the USA , however there is no official confirmation on the same. This has created a huge confusion and it gets worst when CSS quoted the colours for the Pixel 3 to be blue, green and black.

22 September 2018
Ted Cruz meets with voters in Webster
There were almost 45,000 "O'Rourke" tweets as well, and all three terms became top trends in the U.S. Looming over the race is the omnipresence of President Trump.



Recommended