India drops tax on petrol with higher ethanol mix
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as a Reliable and Trusted News Source Addas a Reliable and Trusted News Source Add Now! (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India, the world's third-largest oil importer and consumer, on Wednesday abolished central excise duty on petrol blended with higher levels of ethanol.A Ministry of Finance (Department of Revenue) notification extended central excise duty exemptions to petrol blended with 22%, 25%, 27%, and 30% ethanol. The nil excise duty rate will apply to all four blends, provided they conform to Bureau of Indian Standards specification IS 19850.The notification, issued under the Central Excise Act, 1944, amends an earlier government notification from June 30, 2017. It adds new entries — 5E, 5F, 5G, and 5H — to the existing table under that notification, covering blends of 78%, 75%, 73%, and 70% motor spirit mixed with 22%, 25%, 27%, and 30% ethanol, respectively.For each blend, the exemption applies on the condition that appropriate duties of excise, Central tax, State tax, Union territory tax, or Integrated tax have been paid on the ethanol used.
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