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Road and Infrastructure Cess on Diesel, Petrol to Bring in Rs. 1 Lakh cr for Centre
February 19, 2018
According to ICRA Corporate Ratings, the road and infrastructure cess is to fetch around Rs. 1,13,000 crores for the central government.
In the Union 2018 Budget, finance minister Arun Jaitley had cut the excise duty on diesel and petrol by Rs. 2 per liter, and an additional excise duty of Rs. 6 per liter. However, this didn’t affect the actual fuel prices which were balanced by the road and infrastructure cess of Rs. 8 per liter.
Jaitley said that it was done to increase the revenue collection for the government that had to deal with huge costs during the implementation of the Goods and Services Tax (GST).
