Finance Minister Nirmala Sitharaman is going to present the General Budget (Budget 2022-23) for the FY 2022 23 (FY23) on February 1, 2022 today. Everyone is waiting what the Finance Minister announces in this budget.
Nirmala Sitharaman is going to present the Union Budget 2022-23 for the nancial year 2022-23 (FY23) on February 1, 2022 today. Finance Minister Nirmala Sitharaman is going to present the Union Budget 2022-23 for the fiEveryone is waiting what the Finance Minister announce in this budget. Petrol diesel is brought under the purview of GST or excise duty is reinstated.
At the same time, people are expecting the government to bring petrol and diesel under the purview of GST. If the government brings petrol and diesel under the purview of GST, then the general public will get relief from inflation.
Demand for reinstatement of excise duty
Here, the central government, which is facing criticism for the rising prices of petrol and diesel, had reduced the excise duty on it in November 2021.
Economists believe that this reduction in excise duty was much less than the situation before the epidemic. In such a situation, the government should restore the excise duty again.
Excise duty helpful in increasing revenue In the
year 2020, the Center found a good way in the form of excise duty to increase its coffers amid the Corona crisis. Due to this the revenue increased but oil became expensive.
The reduction in excise duty at the beginning of November 2021 was only 15-30 per cent of the hike made till February 2021. At present, the excise duty is one fourth of the total pump cost.
According to a report by Bhaskar, Madan Sabnavis, Chief Economist of Bank of Baroda said that the shortfall in other revenues, which has almost been compensated in 2020-21, is no longer a major headache for the upcoming budget, as the economy is growing. Is. Thus, space is being created for further reduction in excise rates.
There is no possibility of reduction in excise duty in the budget, although it may still be the best decision to meet the target of the coming financial year.
