Cutting excise duty on fuel a conscious decision: Jaitley

Economic growth can aid in recovering revenue losses due to excise duty cut on oil, he said.

Finance Minister Arun Jaitley on Wednesday said that the states must consider cutting VAT on petrol and diesel, claiming that the Centre took a concious decision by cutting excise duty on fuel.

"States must look at their VAT collections in terms of fuel. Economic growth can aid in recovering revenue losses due to excise duty cut on oil. Revenue to centre and states from oil products is used for infrastructure, social sectors. Oil prices in global market has eased in the past 2-3 weeks," he said, adding that the oil prices have increased intrenationally due to various issues.

Jaitley, who is on a three-day visit to Bangladesh, also said that India is doing very well under current global circumstances and developing countries should emulate Modi government's initiatives towards a less cash-based economy. 

On GST, he said that his ministry has taken into account exporters, small businessmen issues.

Earlier, Jaitley inaugurated a cashless service at India's visa application centres in Dhaka's Shyamoli and Sylhet localties before announcing that it would now be available at all 12 Indian visa application centres across the country.