Can government do something about rising oil prices in india
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The government can always reduce the excise duty on petrol and diesel thereby earning a lower revenue but at least easing some burden on the consumers. However, Petroleum Minister Dharmendra Pradhan recently made it clear that the government had no plans to cut the levy as it needed revenue for “developmental needs.” “Centre and States bank on tax revenues to meet developmental needs. Forty-two per cent of collections from excise duty (on petrol and diesel) goes to States and out of the remaining, 60% is used to fund Centre's share in development schemes in States,” Mr. Pradhan said.
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The government can always reduce the excise duty on petrol and diesel thereby earning a lower revenue but at least easing some burden on the consumers. However, Petroleum Minister Dharmendra Pradhan recently made it clear that the government had no plans to cut the levy as it needed revenue for “developmental needs.” “Centre and States bank on tax revenues to meet developmental needs. Forty-two per cent of collections from excise duty (on petrol and diesel) goes to States and out of the remaining, 60% is used to fund Centre's share in development schemes in States,” Mr. Pradhan said.
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