India on Saturday 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. READ:
Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 rupees per liter, and 6 rupees per liter on diesel.
The latest measures will be effective from May 22, the government said in a notification after the announcement by Ms. Sitharaman, who also urged state governments to follow suit with similar reductions on fuel prices keeping in line with federal plans.The government will also provide a fresh subsidy of 200 rupees per cooking gas cylinder to over 90 million beneficiaries under a welfare scheme introduced for women below the poverty line.
The government was also working to reduce taxes on raw materials for plastic products to lower the cost of final products.
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