The Finance Minister has slapped an excise duty of Re 1 per litre on petrol and diesel. This has led to a ruckus in the parliament as the move may accentuate inflationary situation in the country. Some opposition members walked out of the house in protest.
Partial rollback of excise duty on fuels to 10%
Shares of automobile companies reacted to the governments proposal to hike excise duty on SUVs to 22 per cent from the existing 20 per cent.
Shares of Maruti Suzuki were at Rs 1437.20, up 2.66 per cent, Mahindra & Mahindra was up 3.83 per cent to Rs 993.80 and Tata Motors was up 4.73 per cent to Rs 699.
MAT increased from 15% to 18%. The govt has also announced an excise rollback on cement and cement products.
The ministrer also announced across the board hike in excise duty by 2% from 8% to 10%.