CII calls for fuel excise cut, consumption vouchers to boost demand

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CII calls for fuel excise cut, consumption vouchers to boost demand - Business Standard

Quick Summary:

Industry body CII in its budget suggestions for 2025-26 has recommended lowering the excise duty on fuel to boost consumption, especially at the lower income level, arguing that fuel prices significantly drive inflation.

Asserting that the gap between the highest marginal rate for individuals at 42.74 per cent and the normal Corporate Tax Rate at 25.17 per cent, is high, it said, inflation has reduced the buying power of lower and middle-income earners.

"The central excise duty alone accounts for approximately 21 per cent of the retail price for petrol and 18 per cent for diesel.