Center will bear the entire burden of excise duty deduction: Finance Secretary
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.
He said that there will be no loss of tax revenue to the states due to this deduction. At present, 41 percent of the tax collected by the Center is given to the states in 14 installments.
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