Govt effects duty cuts; to cost the exchequer Rs 22,600 crores

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New Delhi, June 4 (UNI) The government today effected significant cuts in excise and custom duties on crude oil and petroleum products in order to enhance the realisation for Oil Marketing Companies (OMCs).

The duty changes will result in an estimated loss of revenue of about Rs 22,660 crores for the remaining ten months of this fiscal, Revenue Secretary P V Bhide told a news conference here.

Custom duty on crude has been reduced from five per cent to nil, while the custom duty on HSD and petrol has been brought from 7.5 per cent to 2.5 per cent.

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