The government may take major decisions to provide relief from inflation, possibly reducing taxes on petrol and diesel

Deduction in Petrol Diesel Tax: You may get relief from expensive petrol and diesel in the coming days. Modi government may reduce excise duty on petrol diesel to reduce petrol diesel prices. Not only this, the central government can reduce the import duty on wheat from 40 percent to zero, to ensure cheap wheat imports into the country. Apart from this, the import duty of edible oil can also be reduced.

Relief from inflation

Addressing the nation from the ramparts of the Red Fort on August 15, Prime Minister Narendra Modi had assured the common people of measures to relieve inflation. It is believed that PM Modi may take some major decisions in this direction in the coming days.

Tax deduction is possible on petrol and diesel.

To give relief to the common people, the Modi government may announce reduction in excise duty on petrol and diesel. The central government levies an excise duty of Rs 19.90 per liter on petrol and Rs 15.80 per liter on diesel. Lowering the tax on petrol will make it cheaper for people to put fuel in their car, then lowering the tax on diesel will help reduce inflation as the cost of freight will be lower.

Possible cut in import duty on wheat-edible oil

The government is considering importing wheat from abroad, especially Russia. At present, 40% duty is levied on the import of wheat. The Modi government can reduce it to zero so that the common man can be relieved of inflation by increasing the supply of wheat in the domestic market and making it cheaper. There is a possibility of reduction in import duty on edible oil.

Thus the government will compensate.

According to a Bloomberg report, the government is considering making cuts in the budgets of various ministries to make up for the Rs 1 lakh crore shortfall in government revenue due to cuts in taxes on petrol, diesel and food items. Financial deficit will be reduced. There should be no problem in achieving the goal.

Inflation added to the concern.

In fact, retail inflation has reached a 15-month high of 7.44 percent in the month of July. Along with this, the rate of inflation of food items has been 11.51 percent, which is enough to show the stage of inflation for the common man. In such a situation, considering the election year, the Modi government can take big decisions to relieve the common people from inflation.

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