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An excise duty cut with a rider
02 February 2018, 09:31 | Gordon Grant
Budget 2018: Petrol, diesel prices hit all-time high on Budget day
"The budget has changed the tax structure for MS and HSD with more taxes aligned towards Road and Infrastructure cess and less on excise duty, so that adequate funds will be available for the road building programme, without impacting the consumer prices", K. Ravichandran, Senior Vice President and Group head at ICRA said.
In the budget, the Modi government has chose to reduce the excise duty on petrol and diesel by taking big decisions.
The basic excise duty on unbranded petrol was slashed by Rs 2 from Rs 6.48 per litre and on branded petrol from Rs 7.66 per litre. The Oil Ministry had pushing the finance ministry for a cut in excise duty on petrol and diesel. The cut in duty has been offset by an additional levy of Rs 8 per litre under Levy of Road and Infrastructure Cess on petrol as well as diesel, according to Memorandum Explaining the Provisions of the Financial Bill, 2018, part of the budget document.
RAC fuel spokesman Simon Williams says that, while costs are sure to be taking their toll on drivers, there is a "glimmer of hope" that fuel prices will drop again in the near future.
The difference between the price of petrol and diesel has narrowed drastically in the past few years. At present, prices of petrol and diesel are skyrocketing. On the other hand, the incumbent crude oil price is hovering around $71 per barrel mark, which has resulted in the rise of domestic petrol rate to as high as Rs 80.77 in Mumbai region. Speaking to the public, they still have to buy petrol and diesel at the same price as it is now. People had to pay RS 73.05 for a litre.
India man dies after being sucked into hospital MRI machine Compensation for the victim's family of 500,000 rupees (around $7,870) has been promised by the state government of Maharashtra . Only an investigation will reveal what went wrong at the BMC-run BYL Nair Charitable hospital on Saturday evening.
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He charged down the wicket to Mitchell Marsh like a village green cricketer and miscued a ball that Stoinis caught easily . Smith is ready to refresh after a heavy summer workload, but first he wants to end the ODI series in style.
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He also expressed hope that the Triple Talaq bill , which is pending in the Rajya Sabha, will be passed during this session. At present, digital payments are being carried out in more than 400 schemes of the government.
Indians to remove Chief Wahoo logo in 2019
It will still sell souvenirs at the stadium and in retail outlets, but MLB's website will no longer carry the items. The team had been phasing out the logo in recent years, substituting a large block "C" insignia on some uniforms.
EasyJet CEO takes pay cut to match female predecessor
The carrier has also "set a target that 20% of new pilots should be female by 2020, up from 6% in 2015", reports the BBC . Lungren's bonus and other elements of his remuneration package are identical to McCall's at the time.