The Central Government will decide on cutting the duty on petrol and diesel at the appropriate time. Central Board of Indirect Taxes and Customs (CBIC) Chairman M. Ajit Kumar said that as far as the reduction in fuel prices is concerned, the government is constantly watching on this. A decision on this will be taken at the appropriate time. There will be a good increase in revenue, then tax cuts on petroleum fuels will be considered.
During the financial year ended 31 March this year, indirect tax collections grew by 59% over the previous year. Record excise duty on petrol diesel has played a major role in this. Last year, the government increased excise duty on petrol by Rs 13 and on diesel by Rs 16 per liter. Currently, the excise duty on petrol is Rs 32.90 and on diesel Rs 31.80 per liter.