Tuesday, December 6, 2022
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Excise Duty Hike: Government increased excise duty on the export of petrol, diesel and ATF, know the effect

Excise Duty Hike: The central government has decided to increase the excise duty on the export of ATF and petrol and diesel. The export excise duty on petrol has been increased by Rs 6 per liter while on diesel by Rs 13 per liter. At the same time, the central export excise duty on ATF exports has been increased by Rs 6 per liter.

Extra tax on crude oil
The government increased the excise duty on the export of petrol and ATF by Rs 6 per liter. At the same time, excise duty of Rs 13 per liter has been imposed on the export of diesel. Its notification has been issued by the Ministry of Finance. Apart from this, the government has imposed an additional tax of Rs 23,250 per tonne on domestically regenerated crude. The government has also decided to impose an additional tax of Rs 23,230 per tonne on domestically produced crude oil to control the windfall gains to oil producers after the rise in oil prices in the international market.

What will be the effect on common man
There will be no direct impact of this export excise duty on the common man, but due to this step there is no fuel crisis in the country, it is the aim of the government to do so. In fact, oil companies were importing crude oil domestically, refining it and exporting it to foreign markets, due to which their exports were getting more and to curb this, the government has increased this export excise duty. Increasing the export excise duty of petrol and diesel will not increase any burden on the common customer. Since the companies were exporting more and earning foreign exchange, but by doing so, oil was falling short for the domestic market and some states of the country were facing oil crisis.

Don’t get confused with normal excise duty
This is not a normal excise duty in any way and it will not have any effect on the domestic prices of petrol and diesel. However, due to reduced exports, there may be a decrease in the profits of the companies and due to this, there is a big fall in the stock of Reliance Industries today. RIL has broken around Rs 170 per share.

what will be the benefit
Increasing the export excise duty will increase the supply of fuel domestically and the fuel crisis-like situation that was seen in the country recently will not come. According to experts
This will also help in controlling the prices of fuel in the domestic market, which will reduce the fear of petrol and diesel becoming expensive.

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