Union Finance Minister Nirmala Sitharaman, on Sunday, said that the entire duty reduction in petrol and diesel announced on Saturday has been done out of the Road & Infrastructure Cess (RIC) component of the taxes levied on petroleum products so the entire burden of the tax cuts will be borne by the Centre,
Allaying concerns that the duty cuts will lower the devolution of taxes to States, Ms. Sitharaman said that the basic excise duty on petro products, which is sharable with States has not been touched.
