March 14, 2020 / 5:19 AM / 2 months ago

India increases fuel tax in a bid to shore up revenue

NEW DELHI, March 14 (Reuters) - India on Saturday increased taxes on petrol and diesel in an attempt to increase government revenue at a time when tax collections have fallen amid the weakest economic growth in over six years.

The excise duty on the fuels was hiked by 3 rupees per litre, the government said in a gazette notification.

The rise is expected to increase revenue by up to 400 billion Indian rupees ($5.42 billion), a senior government official told Reuters.

Taxes on petrol and diesel, which account for more than a third of retail fuel prices, are one of the biggest sources of income for the government.

$1 = 73.8390 Indian rupees Reporting by Sudarshan Varadhan and Aftab Ahmed

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