Focus: GS-III Indian Economy,
Why in news?
Finance Minister Nirmala Sitharaman, on 23rd March 2020 moved an amendment to the Finance Bill, 2020, to raise the limit up to which the government can raise special excise duty on petrol and diesel to ₹18 per litre and ₹12, respectively.
No hike planned for now
- This is an enabling provision and no change in excise duty is being done as of now, an official said.
- The amendment gives powers to the government to raise the duty by up to ₹8 per litre in petrol and diesel at any time it wishes.
Extra Information about the Session
- Earlier on 23rd March, the Lok Sabha passed the Finance Bill, 2020, without any discussion as the House curtailed its sittings in the wake of the COVID-19 outbreak.
- More than 40 amendments were introduced by the government to the Finance Bill, which was moved for consideration and passing, by the Finance Minister.
- The decision to pass the Bill without any discussion was taken at an all-party meeting convened by Speaker Om Birla.
- Some amendments moved by the Opposition were negated.
- The Bill gives effect to the financial proposals of the Central Government for fiscal 2020-21.