#JustIn | Finance Minister #NirmalaSitharaman said that the entire duty reduction in petrol and diesel has been done out of the RIC component of the taxes levied on petroleum products so the burden of the tax cuts will be borne solely by the Centre. | @tragicosmicomic reports
Allaying concerns that the duty cuts will lower the devolution of taxes to States, Finance Minister #NirmalaSitharaman said that the basic excise duty on petro products, which is sharable with states 'has not been touched'. | @tragicosmicomic reports
Total taxes levied on petrol and diesel include a Basic Excise Duty, a Special Additional Excise duty, the Road & Infrastructure Cess and Agriculture & Infrastructure Development Cess, of which only BED is sharable with States, the minister pointed out. | @tragicosmicomic reports
The total revenue implication to Centre, on these two duty cuts is ₹2,20,000 crore a year, the Finance Minister noted, before emphasising that spending on development and subsidies has accelerated under Prime Minister #NarendraModi's government.
#RBI data shows total developmental expenditure incurred from 2014 to 2022 was ₹90.9 lakh crore. In contrast, only ₹49.2 lakh crore was spent on developmental expenditure during 2004-2014, she said.
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