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Govt To Review Tax Imposed On Fuel Prices Every 15 Days: Sitharaman

If oil is not available and exports continue with windfall profits, then at least some part of it will need to be kept for our citizens also

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Amid the rising inflation of petrol and diesel, Finance Minister Nirmala Sitharaman has said that the government will now review the new tax imposed on crude oil, diesel-petrol and aircraft fuel (ATF) every 15 days. Actually, keeping in mind the international prices, the review of taxes will be done every fortnight.

After the two-day meeting of GST, Finance Minister Sitharaman said during a press conference that this is a difficult time and oil prices have become unbridled globally. "We don't want to discourage exports but want to increase its availability domestically," she said. If oil is not available and exports continue with windfall profits, then at least some part of it will need to be kept for our citizens also.

The government on Friday also announced the imposition of tax on the export of petrol, diesel and aircraft fuel. The export of petrol and ATF has been taxed at the rate of Rs 6 per liter and the export of diesel at the rate of Rs 13 per liter. This new rule has come into effect from today i.e. July 1.

Along with this, tax was also announced on locally produced crude oil like Britain. A tax of Rs 23,250 per ton has been imposed on domestically produced crude oil. Revenue Secretary Tarun Bajaj said that the new tax will also be applicable to SEZ units but there will be no restriction on their exports. Along with this, on the fall of the rupee, the Finance Minister said that the Reserve Bank of India and the government are monitoring the situation. The government is fully aware of the impact of rupee value on imports.


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fuel prices nirmala sitharaman