Notification issued for Tyre Rolling Resistance, Wet Grip and Rolling Sound
Notification issued for
Tyre Rolling Resistance, Wet Grip and Rolling Sound
The Ministry of Road Transport and
Highways has issued a notification dated 28th June 2022, amending
rule 95 of the Central Motor Vehicles Rules 1989.
Why is it in news?
It mandates requirements of
Rolling resistance, Wet Grip and Rolling Sound Emissions for tyres falling under
classes C1 (passenger cars), C2 (light truck) and C3 (truck and bus), as
defined in the Automotive Industry Standard 142:2019.
Highlights
·
The said tyres shall meet the Wet
grip requirements and Stage 2 limits of Rolling Resistance and Rolling Sound
Emissions, as specified in this AIS.
·
With this regulation, India will be
aligned with UNECE (United Nations Economic Commission for Europe) regulations.
·
The rolling resistance of tyres has
an impact on fuel efficiency; wet grip performance influences braking
performance of tyres under wet conditions and promotes vehicular safety.
·
The Rolling sound emission relates
to the sound emitted from the contact between tyres in motion and the road
surface.
Cess of Rs. 23,250 per tonne imposed on crude; import of crude not to be subject to this cess
Cess of Rs. 23,250 per tonne imposed on crude; import of
crude not to be subject to this cess
Why is it
in news?
Special additional excise
duty/Cesses imposed on exports of petrol and diesel at the rate of Rs 6
per litre on Petrol and Rs 13 per litre on diesel
Highlights
-Special Additional Excise Duty (SAED) of Rs 6 per litre
imposed on exports of Aviation Turbine Fuel
-NO IMPACT OF ABOVE STEPS ON DOMESTIC FUEL PRICES
-Customs duty on gold increased from 10.75% to 15%; step taken to help curtail
Current Account Deficit
-Notification issued on 30th June 2022
Following are the details
of the Notifications issued regarding Customs duties on 30th June 2022. The
details are as follows:
I
Increase of Customs Duty on Gold
Customs duty on gold has been increased from 10.75%
to 15%.
There
has been sudden surge in imports of gold. In the month of May, a total of 107
tonnes of gold was imported and in June also the imports have been significant.
The surge in gold imports is putting pressure on current account deficit. To curb import of gold, customs duty has been
increased from present 10.75% to 15%.
II
DUTIES/CESSES ON PETROLEUM CRUDE, HSD, PETROL AND ATF
A.
Petroleum Crude
A cess of Rs 23,250 per tonne (by way of special
additional excise duty-SAED) has been imposed on crude.
Crude
prices have risen sharply in recent months. The domestic crude producers sell
crude to domestic refineries at international parity prices. As a result, the
domestic crude producers are making windfall gains. Taking this into account, a
cess of Rs. 23250 per tonne has been imposed on crude. Import of crude would
not be subject to this cess.
Crude
is sold by domestic producer at international parity price.
This
cess will have no adverse impact, whatsoever, on domestic petroleum
products/fuel prices.
Further,
small producers, whose annual production of crude in the preceding financial
year is less than 2 million barrels will be exempt from this cess.
Also,
to incentivise an additional production over preceding year, no cess will be
imposed on such quantity of crude that is produced in excess of last year
production by a crude producer.
As
stated above, this measure would not impact crude prices or the prices of
petroleum products and fuels.
B.
HSD and Petrol
Special additional excise duty/Cesses has been
imposed on exports of petrol and diesel at the rate of Rs 6 per
litre on Petrol and Rs 13 per litre on diesel
While
crude prices have increased sharply in recent months, the prices of HSD and
Petrol have shown a sharper increase. The refiners export these products at globally prevailing prices,
which are very high. As exports are becoming highly remunerative, it has been
seen that certain refiners are drying out their pumps in the domestic market.
In view of this, cesses equal to Rs 6 per litre on
Petrol and Rs 13 per litre on diesel have been imposed on their exports.
These cesses would apply to any export of diesel and
Petrol from the country.
As
the above measure has been applied to exports, it has no implication on
domestic retail prices of HSD and Petrol.
At
the same time, EXPORT POLICY condition has been imposed by the DGFT that the
exporters would be required to declare at the time of exports that 50% of the
quantity mentioned in the shipping bill has been/will be supplied in the
domestic market during the current FY.
These
measures would not have any adverse impact on domestic retail prices of diesel
and petrol. Thus, domestic retail prices would remain unchanged. At the
same time these measures will ensure domestic availability of the petroleum
products.
C.
Aviation Turbine Fuel
A special additional excise duty (SAED) of Rs 6 per
litre has been imposed on exports of Aviation Turbine Fuel.
Like
HSD and Petrol, the international prices of ATF have risen sharply.
Accordingly, on the same reasoning, as stated above for diesel and petrol, a
cess of Rs 6 per litre has been imposed on exports of ATF.
This
measure will not have any adverse impact on domestic prices of aviation.
PM Lauds GST on Marking 5 Years
PM Lauds GST on Marking 5 Years
Why is it in news?
The
Prime Minister, Shri Narendra Modi has lauded the GST on marking 5 years and
said that this is a major tax reform that furthered ‘Ease of Doing Business’
and fulfilled the vision of ‘One Nation, One Tax'.
Highlights
In
response to a tweet by MyGovIndia, the Prime Minister said;
"We
mark #5YearsofGST, a major tax reform that furthered ‘Ease of Doing Business’
and fulfilled the vision of ‘One Nation, One Tax.’"
PM congratulates His Excellency Yair Lapid for assuming the premiership of Israel
PM congratulates His
Excellency Yair Lapid for assuming the premiership of Israel
The Prime Minister, Shri Narendra
Modi has congratulated His Excellency Yair Lapid for assuming the premiership
of Israel. Shri Modi has also thanked His Excellency Naftali Bennett for being
a true friend of India.
In a series of tweets, the Prime
Minister said;
"Warm wishes and heartiest
congratulations to His Excellency @yairlapid for assuming the premiership of
Israel. I look forward to continue furthering our strategic partnership as we
celebrate 30 years of full diplomatic relations."
"Thank you His Excellency
@naftalibennett for being a true friend of India. I cherish our fruitful
interactions and wish you success in your new role."