Govt rules out excise duty cut as fuel prices hit fresh high

11 September, 2018, 18:11 | Author: Frank Williams
  • The rupee on Tuesday closed at a fresh record low of 72.70 against the dollar down 0.34% from Monday’s close of 72.45

Addressing the Legislative Assembly, the AP chief minister N Chandrababu Naidu accused the BJP government at the centre for not considering to reduce fuel prices despite earning large sums through various taxes. Nowhere in the country are the fuel prices as exorbitant as in this Maharashtrian city. In Mumbai, a litre of petrol costs Rs 87.77 and diesel comes for Rs 76.98, the notification said.

On March 1 this year, the state had secured a litre of petrol for Rs 54.60. He added that a one Rupee per litre cut in tax would result in revenues being hit by Rs 30,000 crore on an annualised basis. Propelled by a rise in global crude oil prices and a weakening rupee, the price of petrol in Delhi is now touching Rs 80 while diesel has crossed the Rs 72 mark.

The Centre was hoodwinking the people saying that the State governments would have to cut their taxes.

In fact, top officials in the Finance Ministry have ruled out any cut in levies in the near future claiming "no scope for a cut in excise duty by the Centre and Value-Added Tax charged by the states".

More news: Tiger Woods Shoots Sensational 62 To Continue Recent Form

Sporadic incidents of violence were reported on Monday during a Congress-led opposition's Bharat Bandh against spiralling fuel prices that disrupted normal life mainly in Bihar, Kerala, Karnataka, Assam and Odisha. The percentage increase was 20.5. Petrol per litre today was priced at Rs 80.73 in Delhi, Rs 83.61 in Kolkata, Rs 88.12 in Mumbai and Rs 83.91 in Chennai. Diesel, too, is not far behind. According to petroleum dealers in the State, compared to Friday's price, petrol on Saturday cost 41 paise more while diesel price rose 48 paise a litre.

Former prime minister Manmohan Singh Monday said it was time for all opposition parties to shed their differences and move forward unitedly "to save" sovereignty and democracy in the country.

"60% of our work is heavily reliant on fuel, because of government's taxation policy, we are being forced to live in losses." says Naveen Kumar Gupta, Secretary General of the All India Motor Transport Congress (AIMTC).

Welcoming the Delhi High Court's order to dismiss pleas of the Congress leaders Sonia Gandhi and Rahul Gandhi challenging the reopening of their tax assessments for 2011-12, the BJP's national spokesperson, Sambit Patra, said it was a "victory of common man" and "exposes the real face of the Gandhi family".

Recommended:



Popular

Sam Darnold and Ajax’s Nathan Shepherd make starting debuts
But Lee didn't bite-"as a defense we said, don't bite the cheese"-hung back and leaped to snag the pass high in the air". Darron Lee returned an interception for a touchdown, and Andre Roberts scored on a 78-yard punt return 67 seconds later.

Rodgers carted to locker room vs. Bears after knee injury
When Rodgers was forced out of the game with the knee injury, Mack really made his presence felt. Backup quarterback DeShone Kizer struggled tremendously when he was given the chance to step in.

Osaka's family express emotions after her US Open tennis tournament win
AS with any final weekend of a grand slam there was plenty of cash being dished out at the US Open the past couple of days. I will be sure to use it when I write about how Black women are treated and characterised for speaking up for themselves.

Woodward defends using unnamed sources in White House book
Christie fired back that it's an "outrageous statement" to suggest someone should be ashamed for working in the Trump White House. He said Trump has been "on the same wavelength" as congressional Republicans on taxes, regulations and court appointments.

California Wildfire Shuts Down 50-Mile Stretch of Busy Interstate to Oregon
In the terrifying footage several big-rigs are seen attempting to back up and escape the fire, but traffic was at a standstill. Authorities said Friday that a 45-mile (72-kilometer) section of Interstate 5 would remain closed at least until Sunday.

IPhone XS: The Latest On Apple's Upcoming Phones
There will be three iPhones Apple confirmed for 2019 dubbed as iPhone 9 (to be confirmed), iPhone XS , and iPhone XS Max . More Storage We may finally see an iPhone with 512GB of storage, if another research note from Ming-Chi Kuo is accurate.

Tesla CEO Elon Musk smokes weed with Joe Rogan on live webcast
In August he told the New York Times that he worked "120-hour weeks" and took sedatives. Rogan found Musk's response dubious.

Trump ups ante on China
Guajardo said Thursday it would be "very strange" to sign a new NAFTA "when this trade war is pending". China said it is ready to impose retaliatory tariffs on $60bn worth of U.S. goods if that happens.

Spain coach says he has no doubts about goalkeeper De Gea
The " Luis Enrique era" is beginning with changes for Spain's national team, and not only on the field. I want to keep winning but I want to always be in the first XI.

Officials slam Trump as 'idiot'
"He (Trump) is also denying it, by the way", Israeli Intelligence Minister Israel Katz told Tel Aviv radio station 103 FM. Instead, he developed a plan for a limited air strike that did not threaten Mr Assad personally.