Mumbai: The Narendra Modi government has proposed to increase excise duty and cess on two precious items because petrol and diesel have become expensive.
Union Finance Minister Nirmala Sitharaman said that due to the softening of the prices of crude oil, his recent heights have allowed his room to review the cess and excise duty on petrol and diesel.
Nirmala Sitharaman has proposed to increase additional excise duty and road and infrastructure cess of Rs. 1 per litre especially on petrol and diesel. With the increase in excise duty and cess, common people are determined to realize the burden of increasing fuel prices.
Apart from this, the government has also proposed to increase customs duty on gold and other precious metals. This means that the prices of precious metals can also increase in the coming months.
Finance Minister Nirmala Sitharaman said that the government proposes to increase customs duty on gold and precious metals from 10 per cent to 12.5 per cent.