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ICICI Securities Report
Budget estimate of excise duty on auto fuels in FY22E at Rs 3.2 trillion is down 8% YoY versus FY21 revised estimate of Rs 3.46 trillion.
FY22E budget estimate of road and infrastructure cess on auto fuels at Rs 1.98 trillion is down 12% YoY versus FY21 revised estimate of Rs 2.24 trillion.
Basic excise duty in FY22 budget estimate at Rs 475 billion is down 1% YoY.
Agriculture infrastructure and development cess of Rs 2.5-4.0/litre has been imposed on petrol and diesel, respectively in the budget while road and infrastructure cess and perhaps even basic excise duty appears to have been cut to keep total excise duty on auto fuels unchanged.
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