New Delhi, February 27: The government today said it will earn an additional Rs 40,000 crore from the hike in excise and restoration of duties on petroleum products, while it will lose Rs 21,000 crore due to income tax sops.
Of the Rs 40,000 crore, Rs 14,000 crore would come from excise duty hike and Rs 26,000 crore from petro duties, Revenue Secretary Sunil Mitra told reporters on the sidelines of a FICCI AGM.
The government in the Budget yesterday raised excise duty, which was lowered to 8 per cent during the slowdown, to 10 per cent and also restored duties on petroleum products.
In addition, the government stands to gain Rs 3,000 crore from service taxes on 8 new segments and 4 existing ones and another Rs 2,000 crore from the clean energy cess on coal, he said.
—-Agencies