Expected Excise Duty hike on diesel cars soon
Recent series of hikes on the petrol price has augmented the gap between the Petrol & Diesel prices by around Rs.25. The impact as know, automobile industry witnessed rocketing sales of diesel passenger cars and plummeting sales of petrol cars. This came as a wallop to the auto companies. The finance ministry has stepped in and is planning to exploit the situation of rocketing diesel car sales by imposing excess excise duty on the passenger diesel cars. The expected hike may vary from Rs.80000 to Rs.150000. This is mostly to be sealed off in the coming 2012 budget session. Thus inflated govt. revenues are to be passed on to petroleum companies to cover their losses. (For someone(like me) who doesn't know what Excise Duty is: An excise or excise tax (sometimes called an excise duty) is a type of tax charged on goods produced within the country (as opposed to customs duties, charged on goods from outside the country). It is a tax on the production or sale of a...