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Taxes on Petrol/Diesel and CNG |
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| 10-3-2017 | |||||||||||||||||||||||||||||||||||||||||||
The present Customs and Central Excise duties on petrol and diesel are as under:
BCD - Basic Customs Duty [levied under the Customs Tariff Act] ACD - Additional Duty of Customs [levied under section 103 of the Finance (No.2) Act, 1998(Petrol) and section 116 of the Finance Act, 1999 (Diesel)], commonly known as Road Cess. BED – Basic Excise Duty [levied under the Central Excise Tariff Act] SAED – Special Additional Excise Duty [levied under section 147 of the Finance Act, 2002] AED – Additional duty of Excise [levied under section 111 of the Finance (No.2) Act, 1998(Petrol) and section 133 of the Finance Act, 1999 (Diesel)], commonly known as Road Cess. Compressed Natural Gas (CNG) attracts a concessional rate of 5% Basic Customs Duty (BCD) and 14% Basic Excise Duty (BED). The comparison of Retail Selling Price of Petrol and Diesel, as on 01.03.2017, with neighbouring countries is as under:-
Government has no such proposal under consideration at present to reduce the taxes on the petrol and diesel. This was stated by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today. |
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