Centre To Lose Rs 24,000 Cr On Petro Duty Cuts In FY12

Pegging the losses on account of duty cuts on petroleum goods at Rs 24,000 crore in 2011-12, the Finance Ministry today said it would take steps to restrict fiscal deficit to 4.6 per cent of the GDP.

“We are losing about Rs 24,000 crore (remaining nine months of 2011-12), and then Rs 10,000-11,000 crore loss will be of states (on account of devolution of tax receipts),” Finance Secretary Sunil Mitra told PTI.

From: http://ping.fm/AwKAf