Press Information Bureau

Government of India

Ministry of Finance

06-September-2011 18:05 IST

Reduction of Taxes on Petro-Products

            With effect from 25th June, 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:

 

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.

DSM/SS/SL

Tax reduction on petro-products reduces customs and excise duties on crude, petrol, diesel and other petroleum products. Reduction of basic indirect taxes on petroleum products effective from 25 June 2011: the Central Government reduced basic customs duties and basic excise duty applicable to crude oil, petrol, diesel and other petroleum products, including reduction of excise duty on diesel to nil. The press release also reports three-year aggregate revenue realised from customs and central excise on petroleum crude and products.