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Centre cuts Excise Duty on Petrol and Diesel

  Nov 10, 2021

Centre cuts Excise Duty on Petrol and Diesel

Q Why is it in News ?

A The Government has finally reduced fuel prices by slashing excise duties on petrol and diesel by ₹5 and ₹10 per litre respectively.

Q What is Excise Duty?

Q Where can  excise duty be levied  ?

Q What were various types of excise duty in India ?

A Before GST, there were three kinds of excise duties in India.

(1) Basic Excise Duty

(2) Additional Excise Duty

(3) Special Excise Duty

Q What is present taxation of Fuels ?