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Union Finance Minister Nirmala Sitharaman on Monday (February 1) proposed agri cess of Rs 2.5 per litre on petrol and Rs 4 per litre on diesel.
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Updated : Feb 01, 2021, 02:07 PM IST | Edited by : Tanweer Azam
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In a significant development, Union Finance Minister Nirmala Sitharaman on Monday (February 1) proposed agri cess of Rs 2.5 per litre on petrol and Rs 4 per litre on diesel. Sitharaman made the announcement while presenting Union Budget 2021-22 in Lok Sabha.
"I propose an Agriculture Infrastructure and Development Cess (AIDC) on a small number of items. However, while applying this cess, we have taken care not to put additional burden on consumers on most items," FM Sitharaman said in her Budget speech.
It is to be noted that the cess would not put any additional burden on the consumer overall as Sitharaman also proposed to reduce Basic Customs Duty on petrol and diesel.
"Consequent to imposition of Agriculture Infrastructure and Development Cess (AIDC) on petrol and diesel, the Basic excise duty (BED) and Special Additional Excise Duty (SAED) rates have been reduced on them so that overall consumer does not bear any additional burden. Consequently, unbranded petrol and diesel will attract basic excise duty of Rs 1.4, and Rs 1.8 per litre respectively. The SAED on unbranded petrol and diesel shall be Rs 11 and Rs 8 per litre respectively. Similar changes have also been made for branded petrol and diesel," Sitharaman announced.
Notably, the petrol and diesel prices are already increasing regularly in the country. The petrol price in Delhi has become a major issue for many as it crossed Rs 86 recently. The petrol prices in the financial capital of Mumbai reached near Rs 93 per litre as well.
The prices of petrol and diesel are keeping on with their upward trajectory and reaching new highs every day across the country. With the rise in petrol and diesel prices, the common man is dealing with new financial concerns ahead of Budget 2021.
The petrol and diesel prices have increased 10 times in January with both the prices of both petrol and diesel registering an increase of Rs 2.59 and Rs 2.61 per litre respectively during the month.
Sitharaman also proposed agricultural cess on several other goods including a 100% cess on alcohol, 2.5% on gold and silver bars, 17.5% on crude palm oil, 20% on crude soyabean, sunflower oil, 35% on apples and 40% on peas.
