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The Central Board of Excise and Customs on Friday changed the duty structure on branded diesel, shifting to a combination of ad valorem and fixed rates instead of a fixed duty.
The change in structure will not result in retail prices of unbranded diesel changing.
The excise duty on branded diesel is made up of ₹10.25 a litre.
Ad-valorem is consumption-based taxation.
The duty on branded diesel will now be charged at 14 per cent of the refinery gate price plus ₹5 per litre or ₹10.25 per litre, whichever is lower. This is according to a notification issued by the Department of Revenue on Friday.
Branded diesel of Indian Oil is called ‘XtraMile’, ‘HiSpeed Diesel’ by Bharat Petroleum Corporation Ltd and ‘Diesel Super’ and ‘Turbo Jet’ by Hindustan Petroleum Corporation Ltd.
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