News Oil & Gas

Deadline to levy additional duty on unblended diesel deferred

The Centre has deferred the deadline to levy an additional ₹2 per litre tax on unblended diesel by one more year to April 1, 2025, according to a Central Board of Indirect Taxes and Customs (CBIC) said in a notification.
The levy on petrol and diesel that is not blended with ethanol and bio-diesel, respectively was announced in FY23 budget.

The move was in line with with government’s commitment to promoting biofuels and reducing crude imports. India remains the world’s third-biggest crude importer and consumer, importing around 85% of its total consumption.

It has set a target to cut imports by 10% to 67% by 2025 by enhancing domestic crude production, ethanol blending and shifting focus to renewables, green hydrogen and promoting electric vehicles among others.

(You can now subscribe to our Economic Times WhatsApp channel)

Source link