Economics · Economy
What is the primary reason for retaining Petroleum Crude, Diesel, and Petrol under the excise duty regime rather than subsuming them into the Goods and Services Tax (GST)?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1To ensure they are classified as 'sin goods' under Entry 51 of the State List
- 2To allow manufacturers to benefit from a wider range of Input Tax Credits
- 3To shift the tax point from the stage of manufacture to the stage of consumption
- 4They constitute a major source of revenue for both the Central and State Governments✓
Correct answer
They constitute a major source of revenue for both the Central and State Governments
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