Center to bear full revenue loss due to excise cut: Fin Secy

Centre to bear full revenue loss due to excise cut says Fin Secy

Highlights

  • 41% of the tax collected by the Center is given to the states in 14 installments
  • Center cut diesel by Rs 10 and petrol by Rs 5 on November 4

New Delhi. The entire burden of reduction of excise duty on petrol and diesel will be borne by the central government. Finance Secretary TV Somanathan gave this information to reporters on Monday. On November 4, the Center had cut excise duty on diesel by Rs 10 per liter and on petrol by Rs 5 per liter.

Somanathan said, “The Center will bear the entire burden of reduction in excise duty by Rs 10 and Rs 5 per litre. Due to this, there will be no loss in tax distribution to the states. At present, 41 percent of the tax collected by the Center is given to the states in 14 installments.

Center will give Rs 95,082 crore to the states

Union Finance Minister Nirmala Sitharaman said on Monday that the Center will release an amount of Rs 95,082 crore this month, including an advance instalment, as tax share to states to help them increase their capital expenditure. Sitharaman told reporters here after a meeting with state chief ministers and finance ministers that the amount given by the Center to the states as a share of the collected tax revenue will be doubled this time.

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