India has announced a series of changes to the tax structure levied on crucial commodities in a bid to insulate consumers from rising prices amid high inflation.
Finance Minister Nirmala Sitharaman announced on Saturday a cut in excise duty on petrol by 8 rupees ($0.1028) per litre and 6 rupees ($0.07) per litre on diesel.
The new tax regime on petrol and diesel could result in the government losing about 1 trillion Indian rupees ($12.8bn) in annual revenue due to the lower collection, she said in a series of tweets.
The government also removed the import duty on anthracite, PCI coal and coking coal in a bid to reduce raw material costs for local market demand.
The latest measures will be effective from May 22, the government said in a notification after the announcement by Sitharaman, who also urged state governments to follow suit with similar reductions on fuel prices keeping in line with federal plans....
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