Now levy will be applicable on petrol from November 1 and on diesel from April 1, 2023.
Now levy will be applicable on petrol from November 1 and on diesel from April 1, 2023.
The government has deferred the plan announced in the Union Budget to levy an excise duty of Rs 2 on unmixed petrol and diesel with effect from October 1, 2022.
The levy will now be implemented from November 1, 2023, for such petrol and for non-mixed diesel.
Union Finance Minister Nirmala Sitharaman in her budget for the financial year beginning April 2022 had brought an additional levy of Rs 2 per liter on petrol and diesel which is not blended with ethanol and bio-diesel respectively. This duty was to be applicable from 1 October 2022, but now it has been increased to 1 November.
At present, 10% ethanol extracted from sugarcane or surplus food grains is blended or blended into petrol to reduce oil import dependence and provide an additional source of income to farmers (meaning 10% ethanol blended with 90% of petrol). with) .
But there is only experimental blending of bio-diesel extracted from non-edible oilseeds into diesel – the most widely used fuel in the country.
“Fuel blending is a priority of this government. To encourage fuel blending efforts, unrelated fuels will attract an additional differential excise duty of ₹2 per liter from the first day of October 2022,” Ms Sitharaman said in her statement. Budget speech in Lok Sabha on February 1
In a September 30 notification, his ministry said that “petrol which is meant for retail sale, not blended with ethanol or methanol” basic excise duty of ₹3.40 per liter with effect from November 1, 2022, instead of Rs 1.40 per liter at present. It will take
Branded petrol, not doped with ethanol, will attract an excise duty of ₹4.60 per liter as against ₹2.60 at present.
In the case of diesel, it stated that the fuel is “intended for retail sale, not mixed with alkyl esters of long chain fatty acids derived from vegetable oils, commonly known as bio-diesel”. Instead, basic excise duty of ₹ 3.80 per liter would be levied. ₹ 1.80. The branded diesel will attract basic excise duty of ₹6.20 per liter as against ₹4.20 at present.
(with inputs from PTI)