#govt reduces excise duty

[mynewshq]

Executive Order on medicaments: FG yet to implement 2 months after

LAGOS — As Nigeria’s pharmaceutical industry eagerly awaits the implementation of the Presidential Executive Order aimed at reducing the cost of essential medicines, and generally revamping the health sector, delays in the implementation process have pushed back the timeline for its takeoff. In June, President Bola Tinubu signed an Executive Order to strengthen Nigeria’s health system by exempting pharmaceutical machinery, equipment, goods, and accessories from tariffs and excise duties, reducing production costs and making healthcare products more affordable. But two months after the pronouncement, checks by Vanguard revealed that the cost of items in the key categories of health equipment covered by the Executive Order remained prohibitively high. Among these are pharmaceutical medications, medical devices such as diagnostic imaging machines, laboratory equipment, surgical instruments, ECG machines, ventilators, syringes, needles, gloves, medical dressings and diagnostic kits for malaria, HIV, etc. News HQ gathered that while the government set a 30-day deadline for development of a harmonisation implementation framework with the ministries of Finance and Industry, Trade, and Investment, the exact timeline for take-off of the Executive Order remains uncertain. On when Nigerians can expect to start seeing the benefits of the Executive Order, Minister of State for Health and Social Welfare, Dr Tunji Alausa, said the government is working diligently to expedite action on the framework that will guide relevant agencies in operationalising and implementing the Executive Order. What govt is doing, by AlausaAlausa said: “We are developing a harmonisation implementation framework with the Ministers of Finance and Industry, Trade and Investment. “Government agencies involved include the National Agency for Food and Drug Administration and Control, NAFDAC, the Federal Inland Revenue Service, FIRS, the Standards Organisation of Nigeria, SON, and the Nigeria Customs Service, NCS. ”He said the government is moving quickly to develop the harmonisation implementation framework within 30 days, adding that once completed, the Executive Order will go into effect quickly. “We have met with the Attorney-General of the Federation about the need to move quickly on this. We are working night and day to get this effected so that Customs will start implementing the process as well as the FIRS. We are setting up a technical working group on this implementation framework so that the Executive Order will take effect immediately. Worried by the apparent lack of progress as the 30-day window has elapsed, players in the health industry have expressed concerns about the potential impact of the delays on the cost of medications and the livelihood of Nigerians even as there is uncertainty regarding the immediate effects of the executive order on drug prices and are urging the government to step up action on the policy. Delay not worth it, people are dying — Oladigbolu On his part, the Immediate past National Chairman of the Association of Community Pharmacists of Nigeria, ACPN, Pharm Wale Oladigbolu, said the delay in implementation of the Executive Order is not worth it because people are dying, even as prices of drugs have continued to spiral up. “We haven’t seen the impact of the Executive Order, that’s at the down end where I practice. Prices of drugs at the retail stores are still very high and we see a lot of people not being able to afford the treatment that they need. Health insurance which should have helped the people is not working in the Nigerian context.“ A whole lot of people who are in the informal sector are not covered by health insurance, so the prices of medicine are high. Affordability is not there, and people’s incomes are strained. And when I say strained, I mean strained. They need to choose between food with high costs, fuel with high costs, and drugs with high costs. So they need to juggle those factors. So people only come to the pharmacy for purely essential things. So things like high blood pressure that does not have a warning, a lot of hypertension patients are dropping their medicines, especially those who have poor health education, they have dropped. They see hypertension as not troubling, so you see a lot of non-adherence to medication because of the high cost of medication. High cost of food. And indeed, high cost of work.“ The delay is not worth it because people are dying. We have not seen an impact or drop in the cost of medicines in Nigeria, so the Executive Order has not had any impact. This speaks to what the Federal Government should be doing. “Before you issue an order, you need to check the baseline, you need to do a survey, conduct the baseline. And when you issue an order, two months down the line, you need to conduct another survey to compare the former with the new, and that has not been done, but I can tell you wholeheartedly that we haven’t seen an iota of drop in drug prices in this country." Implementation details must be properly worked out — Ifeanyi Responding to the development, the National President of the Association of Medical Laboratory Scientists of Nigeria, AMLSN, Dr. Casmir Ifeanyi, said while the concerns about the delay are not misplaced, the details of the implementation of the Executive Order should be properly worked out.Ifeanyi, an Infectious Diseases/Public Health Expert, noted that for effectiveness, the government should put turn-around time when Nigerians can begin to see outcomes. Read the full article

[entertainmentchacha]

Petrol price reduce today by Rs 9.5, Diesel by Rs 7 as govt reduces excise duty

Petrol price reduce today by Rs 9.5, Diesel by Rs 7 as govt reduces excise duty

Diesel, Petrol price reduce today news: “The Central Excise Duty on Petrol and Diesel will be reduced by Rs 8 per litre and Rs 6 per litre, respectively. This will lower petrol prices by Rs 9.5 per litre and diesel prices by Rs 7 “Nirmala Sitharaman is the Union Finance Minister. Petrol and diesel price reduction news Today’s petrol and diesel price reduction news: Due to a large reduction in…

[doonitedin]

Opinion | States should reduce VAT on petrol, diesel, after Modi reduced excise duty

Opinion | States should reduce VAT on petrol, diesel, after Modi reduced excise duty

Image Source : INDIA TV Opinion | States should reduce VAT on petrol, diesel, after Modi reduced excise duty The reduction in central excise duty on petrol and diesel by Rs 5 and Rs 10 per litre on Wednesday night is a Diwali gift for the people from Prime Minister Narendra Modi. The decision taken only a few hours after the Prime Minister returned from a hectic and successful visit to G20 and…

[kupwaratimes-fan]

Petrol, diesel to get cheaper as govt reduces excise duty by ₹ 5 and ₹ 10

Petrol, diesel to get cheaper as govt reduces excise duty by ₹ 5 and ₹ 10

Petrol, diesel to get cheaper as govt reduces excise duty by ₹ 5 and ₹ 10 Srinagar, Nov 03 : The Central government on Wednesday evening said that excise duty on petrol and diesel has been reduced on the eve of Diwali, thereby petrol and diesel will get cheaper, much to the relief of general public. Reports said that on the eve of Diwali the government had announces excise duty reduction on…

[dailypioneer]

The Chamber of Trade and Industry (CTI) on Thursday asked the government to bring petrol and diesel under the ambit of GST to bring down the fuel rates, a day after prices of petrol in Delhi crossed the Rs 100 a litre-mark.

It also urged the central government to withdraw the increased excise duty that was introduced last year due to the COVID-19 pandemic.

"Crude oil was the cheapest in the last 16 years in 2020-21. During corona, between March and May, 2020, when crude oil became cheaper, the central government increased the excise duty on petrol by Rs 13/litre and diesel by Rs 16/litre," a statement from the CTI said.

[bestitmagazine]

The Chamber of Trade and Industry (CTI) has asked the government to bring petrol and diesel under the ambit of GST to bring down the fuel rates, a day after prices of petrol in Delhi crossed the Rs 100 a litre-mark.

It also urged the central government to withdraw the increased excise duty that was introduced last year due to the COVID-19 pandemic.

[thegeekx]

Govt Defers Excise Duty On Petrol till November 1; On Diesel Till April 1 Next Year

Govt Defers Excise Duty On Petrol till November 1; On Diesel Till April 1 Next Year

Last Updated: October 01, 2022, 12:10 IST Biofuels are a good alternative to reduce the country’s dependence on crude oil imports. Currently, 10 per cent ethanol is mixed with petrol in order to reduce crude oil imports The government has delayed the levy of a Rs 2 excise duty on unblended petrol by one month to November 1, and on unblended diesel by 6 months to April 1 next year, according to…

[todaynewsguru]

Tamil Nadu BJP chief Annamalai asks DMK govt to reduce VAT on fuel prices

Tamil Nadu BJP chief Annamalai asks DMK govt to reduce VAT on fuel prices

Wondering why the ruling DMK kept the state imposed Value Added Tax (VAT) higher than the Central government’s Excise duty, BJP Tamil Nadu unit chief K Annamalai on Tuesday demanded that the DMK government honour its 2021 poll promise by effecting a cut in the prices of petrol by an additional Rs 2 per litre and Rs 4 per litre for diesel immediately. Further, it should announce a subsidy of Rs…

[new-haryanvi-ragni]

Maharashtra reduces VAT on petrol & diesel prices after govt cuts excise duty

Maharashtra reduces VAT on petrol & diesel prices after govt cuts excise duty

Finance Minister Nirmala Sitharaman had estimated that the cut in excise duty will save the government roughly Rs 1 lakh crore per year. source https://zeenews.india.com/economy/maharashtra-reduces-vat-on-petrol-diesel-prices-after-govt-cuts-excise-duty-2466188.html

[bharatlivenewsmedia]

Rajasthan govt reduces VAT on petrol by Rs 2.48, diesel by Rs 1.16

Rajasthan govt reduces VAT on petrol by Rs 2.48, diesel by Rs 1.16

Rajasthan govt reduces VAT on petrol by Rs 2.48, diesel by Rs 1.16 The Rajasthan government on May 21 reduced Value-added tax (VAT) on petrol by Rs 2.48 per litre and diesel by Rs 1.16 per litre, following the reduction of excise duty by the Centre. Taking to Twitter, the state chief minister Ashok Gehlot wrote, “Due to the reduction in the prices of petrol and diesel by the central government,…

[odishaexpo]

FMFL & wine to become cheaper in Odisha as govt reduces excise duty

[doonitedin]

Petrol to get cheaper by Rs 5, Diesel by Rs 10 from tomorrow as govt reduces excise duty

Petrol to get cheaper by Rs 5, Diesel by Rs 10 from tomorrow as govt reduces excise duty

Image Source : FILE PHOTO Representational image. Petrol and Diesel will be cheaper from November 4 (Thursday) as the government on Wednesday announced a reduction in the excise duty. Excise duty on Petrol and Diesel to be reduced by Rs 5 and Rs 10 respectively tomorrow. The reduction in excise duty on diesel will be double that of petrol and will come as a boost to the farmers during the…

[snbc]

'Oil price spike may dent govt revenues by Rs 1 lakh crore'

‘Oil price spike may dent govt revenues by Rs 1 lakh crore’

NEW DELHI: High global crude oil prices beyond $90 a barrel could lead to a revenue loss of Rs 95,000 crore to Rs 1 lakh crore in fiscal year 2022-23, a report by the economic research wing of the country’s largest lender SBI said on Friday. It said that if the government reduces the excise duty on petroleum products further by Rs 7 per litre in March, when the state elections are over, and…

[guptachandanassociates]

Govt. reduces excise duty on petrol and diesel: Notification

Govt. reduces excise duty on petrol and diesel: Notification

The Government has reduced the rate of excise duty on petrol and diesel by Rs. 5 and Rs. 10 respectively with effect from November 4th, 2021.The Government has reduced the rate of excise duty on petrol and diesel by Rs. 5 and Rs. 10 respectively with effect from November 4th, 2021.taxmann.com Latest Statutory HappeningsRead More

[techminsolutions]

Punjab govt slashes petrol, diesel prices by Rs 10 & Rs 5

Punjab govt slashes petrol, diesel prices by Rs 10 & Rs 5

Days after the Centre reduced excise duty on fuel, the Congress-led government in Punjab on Sunday lowered the VAT on petrol and diesel making them cheaper by Rs 10 per litre and Rs 5 per litre in the state. The new rates will be effective from midnight. Chief Minister Charanjit Singh Channi made the announcement while addressing the media after the cabinet meeting. “We are reducing petrol…

[brightpunjabexpress]

Punjab govt slashes petrol, diesel prices by Rs 10 & Rs 5

Punjab govt slashes petrol, diesel prices by Rs 10 & Rs 5

Chandigarh, Nov 7 – Days after the Centre reduced excise duty on fuel, the Congress-led government in Punjab on Sunday lowered the VAT on petrol and diesel making them cheaper by Rs 10 per litre and Rs 5 per litre in the state. The new rates will be effective from midnight. Chief Minister Charanjit Singh Channi made the announcement while addressing the media after the cabinet meeting. “We are…