News > Govt Looking To Borrow $13 Billion Extra To Offset Petrol, Diesel Tax Cut

Govt Looking To Borrow $13 Billion Extra To Offset Petrol, Diesel Tax Cut

LiveMint | 22/05/2022 06:01 PM | Click to read full article

India will probably borrow the entire 1 trillion rupees ($12.9 billion) that the government will forgo as revenues due to a cut in gasoline and diesel levies.

Higher collections from the goods and services tax as well as personal income taxes will be neutralized by additional spending on food and fertilizer subsidies. The loss to the exchequer due to the recent excise duty cuts will therefore have to be borne through additional market borrowings