WEB DESK / New Delhi
The Government of India has imposed additional import duty on gold, a cess of Rs 23,250 per tonne on crude and extra duties on the export of refined petroleum products such as petrol, diesel and Aviation Turbine Fuel.
While the duty on gold has been increased from 10.75 per cent to 15 per cent to help curtail the Current Account Deficit, the government said there will be no impact of the cess on crude and other extra duties on the prices at the pump.
The notification was issued on Thursday. There was no word yet on how much revenue the government expects to garner from these moves.
A cess of Rs 23,250 per tonne by way of special additional excise duty has been imposed on crude so that the Central Exchequer could take a slice of the windfall gains being made by the domestic crude producers due to the sharp rise in crude prices.