Centre Imposes Import Duty on Gold, Cess on Petro Product Exports

The Central government hiked import duty on gold to 15% from 10.75% currently to ease pressure on the current account deficit (CAD) due to surging gold imports. The Centre also imposed a special additional excise duty of ₹6 per litre on exports of petrol and ₹13 per litre on exports of diesel. The special additional excise duty of ₹6 per litre has been imposed on the exports of aviation turbine fuel too. 

Explaining the export cess on petrol and diesel, the finance ministry says: “While crude prices have increased sharply in recent months, the prices of high-speed diesel and petrol have shown a sharper increase. The refiners export these products at globally prevailing prices, which are very high. As exports are becoming highly remunerative, it has been seen that certain refiners are drying out their pumps in the domestic market.”

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