Indian Government hikes excise duty on petrol & diesel by Rs 2 per litre:
The government on Thursday raised excise duty on petrol and diesel by Rs 2 per litre each.
According to an official statement, the hike in basic excise duty on petrol and diesel (both branded and unbranded) will aid in funding the government’s ambitious infrastructure development programme, particularly building of 15000-kms of roads, during current and next financial year.
The hike in rates will come into effect from the midnight (January 2, 2015), said the statement, adding that there will be no change in other excise duty rates applicable to these commodities.
This is the third excise duty hike since November, which will help government raise additional Rs 6,000-7,000 crore during remaining three months of the current fiscal. Allocation of these resources to the road sector will also spur economic activity and employment generation arising from the road construction sector.
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