Technoglitch
Core Member
The government is looking at one more hike in excise duty on petrol and diesel before the
Budget next month so as to raise revenue and stick to the fiscal deficit target for 2015-16.
"Falling crude oil price provide us a headroom for increasing excise duty on petrol and diesel. It will help in meeting fiscal deficit target of 3.9 per cent for the current fiscal," said an official source.
Last week, the government hiked excise duty on petrol by Rs 0.75 per litre and by Rs 2 a litre on diesel, the second increase in duties in less than two weeks, to mop up over Rs 3,700 crore in additional revenue.
Oil prices have already fallen to 12-year low to USD 29 per barrel on concerns of weak Chinese economy and a global slowdown. Besides, lifting of sanctions on Iran also added to downward pressure on falling crude oil.
Budget 2016: Govt may further hike excise on petrol, diesel before Budget - Firstpost
Budget next month so as to raise revenue and stick to the fiscal deficit target for 2015-16.
"Falling crude oil price provide us a headroom for increasing excise duty on petrol and diesel. It will help in meeting fiscal deficit target of 3.9 per cent for the current fiscal," said an official source.
Last week, the government hiked excise duty on petrol by Rs 0.75 per litre and by Rs 2 a litre on diesel, the second increase in duties in less than two weeks, to mop up over Rs 3,700 crore in additional revenue.
Oil prices have already fallen to 12-year low to USD 29 per barrel on concerns of weak Chinese economy and a global slowdown. Besides, lifting of sanctions on Iran also added to downward pressure on falling crude oil.
Budget 2016: Govt may further hike excise on petrol, diesel before Budget - Firstpost
