Excise duty cut on petrol, diesel likely to put pressure on fiscal deficit, experts say2 min read . Updated: 23 May 2022, 08:53 PM IST
- Last week, on Saturday, to give consumers relief from the high fuel prices and multi-year inflation, the government trimmed excise duty on petrol by a record ₹8 per litre and that on diesel by ₹6 per litre.
India's excise duty cut on fuel products is expected to put pressure on the country's fiscal deficit which is pegged at 6.4% of GDP for the current financial year FY23. These tax deductions will lead to a revenue loss of ₹1 lakh crore for the government.
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