Economy Excise duty may be lowered; States “being sounded out” to lower VAT Updated : May 24, 2018 06:31 AM IST The government could take between 3-6 months to consider and roll out its measures . Oil marketing companies may have to absorb some of the impact. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.