Allegations on the central government between the opposition reduction in excise duty Which is shared by the states and is accused of duping people with “data juggling”, Finance Minister Nirmala Sitharaman said on Sunday, adding that the excise duty deducted on petrol and diesel will be shared with it. not doable states, He also compared the developmental expenditure done by the PM Narendra Modi Government during 2014-22 as well as during 2004-14 of UPA.
In a series of tweets, Sitharaman said, “Basic Excise Duty (BED), Special Additional Excise Duty (SAED), Road and Infrastructure Cess (RIC) and Agriculture and Infrastructure Development Cess (AIDC) together with excise on petrol and diesel.” constitute the fee. Basic ED can be shared with the states. SAED, RIC and AIDC are non-shareable. ,
The Finance Minister said that the reduction in excise duty on petrol by Rs 8 per liter and on diesel by Rs 6 per liter (effective from today) has been done entirely in the Road and Infrastructure Cess (RIC). He said in another tweet, “In Nov ’21 also the reduction of Rs 5 per liter in petrol and Rs 10 per liter in diesel was done completely in RIC.”
Sitharaman said the basic ED which is shareable with the states has not been touched. Therefore, the entire burden of these two fee deductions (done in November 21 and yesterday) is borne by the Centre.
The central government on Saturday cut excise duty on petrol by a record Rs 8 per liter and on diesel by Rs 6 per liter. The cut was estimated to have translated into a reduction of Rs 9.5 per liter in petrol prices and Rs 7 per liter in diesel, taking into account its impact on other duties. Oil marketing companies (OMCs) hiked petrol and diesel prices by Rs 10 per liter in 14 hikes between March 22 and April 6.
“The fee reduction done yesterday has an implication of Rs 1,00,000 crore per year for the Centre. The fee cut done in November’21 has implications of Rs 1,20,000 crore per annum for the Centre. The total revenue implication to the Center on these two fee cuts is Rs 2,20,000 crore per annum,” the finance minister said in the series of tweets.
Congress chief spokesperson Randeep Surjewala, in a tweet on Saturday, had said, “Dear FM, nation does not need juggling of figures to deceive people, country does not need ‘jumla’, country needs petrol and @ Excise duty on diesel is Rs 9.48/litre on petrol and Rs 3.56/litre on diesel at May 2014 level. Stop cheating, show courage to give relief.”
Stating that RBI figures total development expenditure by the Narendra Modi government during 2014-22 was Rs 90.9 lakh crore, Sitharaman on Sunday said, “In contrast, only Rs 49.2 lakh crore on development expenditure during 2004-14 were spent.”
“The expenditure by our government under @PMOIndia @narendramodi includes Rs 24.85 lakh crore spent on food, fuel and fertilizer subsidies so far and Rs 26.3 lakh crore on capital formation. In the 10-year tenure of the UPA, only Rs 13.9 lakh crore was spent on subsidies.
After the Center cuts excise duty, the price of petrol in Delhi has gone up to Rs 96.72 per liter, while the price of diesel per liter is now Rs 89.62. Petrol was selling at Rs 111.35 per liter in Mumbai after the latest excise duty cut, while diesel was selling at Rs 97.28 per litre.
High fuel prices are driving up the rates of various commodities in the country, thus curbing overall inflation, Retail inflation rose to an eight-year high of 7.79 per cent in April 2022, as against 4.23 per cent in April 2021 and 6.97 per cent in March 2022. Inflation in the food basket rose to 8.38 per cent from 7.68 per cent in April. percent in the previous month and 1.96 percent in the month before a year.
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