https://sputnikglobe.com/20220701/indian-finance-minister-announces-bi-weekly-tax-review-on-crude-diesel-jet-fuel-1096861420.html
Indian Finance Minister Announces Bi-Weekly Tax Review on Crude, Diesel, Jet Fuel
Indian Finance Minister Announces Bi-Weekly Tax Review on Crude, Diesel, Jet Fuel
Sputnik International
In June, fuel stations in several Indian cities saw fuel supplies dip, triggering concerns about a shortage and, as a result, panic buying. As the situation... 01.07.2022, Sputnik International
2022-07-01T12:25+0000
2022-07-01T12:25+0000
2024-06-08T13:07+0000
nirmala sitharaman
finance minister
finance minister
finance
finance ministry
fuel
fuel price
fuel tax
diesel fuel
https://cdn1.img.sputnikglobe.com/img/07e6/07/01/1096863812_0:0:3002:1690_1920x0_80_0_0_ed1b2840dfb3884716749cee26585f73.jpg
Indian Finance Minister Nirmala Sitharaman on Friday said the new taxes levied on crude, diesel and Aviation Turbine Fuel (ATF) based on international prices will be reviewed by the government every two weeks.Talking to the reporters, Sitharaman said that these were "extraordinary times" and oil prices were internationally unbridled. The minister also said that if oil was not available and exports were phenomenally profitable, "we need at least some of it for our own citizens." “We need to take this twin-pronged approach,” she added. The government on Friday also slapped an export tax on petrol, diesel and jet fuel (ATF) while also joining nations like the UK in imposing a windfall tax on crude oil produced locally.As of July 1, an INR 6 ($0.076) per liter tax on the export of petrol and ATF, and an INR 13 ($0.16) per liter tax on the export of diesel has taken effect.Additionally, a INR 23,250 ($294) per metric ton tax was levied on crude oil produced domestically.Revenue Secretary Tarun Bajaj said the new taxes would be applicable on SEZ units. “But, the export restriction will not be applicable.” Want to know more? Check out our Koo & Telegram accounts!Koo: https://www.kooapp.com/profile/sputniknewsSputnik India: https://t.me/sputniknewsindia
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2022
Rahul Trivedi
https://cdn1.img.sputnikglobe.com/img/07e5/05/12/1082926121_0:-1:627:627_100x100_80_0_0_d882e1a63f627c25b7a534fb8b8234d7.jpg
Rahul Trivedi
https://cdn1.img.sputnikglobe.com/img/07e5/05/12/1082926121_0:-1:627:627_100x100_80_0_0_d882e1a63f627c25b7a534fb8b8234d7.jpg
News
en_EN
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Rahul Trivedi
https://cdn1.img.sputnikglobe.com/img/07e5/05/12/1082926121_0:-1:627:627_100x100_80_0_0_d882e1a63f627c25b7a534fb8b8234d7.jpg
nirmala sitharaman, finance minister, finance minister, finance, finance ministry, fuel, fuel price, fuel tax, diesel fuel
nirmala sitharaman, finance minister, finance minister, finance, finance ministry, fuel, fuel price, fuel tax, diesel fuel
Indian Finance Minister Announces Bi-Weekly Tax Review on Crude, Diesel, Jet Fuel
12:25 GMT 01.07.2022 (Updated: 13:07 GMT 08.06.2024) In June, fuel stations in several Indian cities saw fuel supplies dip, triggering concerns about a shortage and, as a result, panic buying. As the situation peaked, the federal government intervened and directed oil marketing companies to ensure the availability of fuel.
Indian Finance Minister Nirmala Sitharaman on Friday said the new taxes levied on crude, diesel and Aviation Turbine Fuel (ATF) based on international prices will be reviewed by the government every two weeks.
Talking to the reporters, Sitharaman said that these were "extraordinary times" and oil prices were internationally unbridled.
"We do not want to discourage export, but want domestic availability to increase," she said.
The minister also said that if oil was not available and exports were phenomenally profitable, "we need at least some of it for our own citizens."
“We need to take this twin-pronged approach,” she added.
The government on Friday also slapped an export tax on petrol, diesel and jet fuel (ATF) while also joining nations like the UK in imposing a windfall tax on
crude oil produced locally.
As of July 1, an INR 6 ($0.076) per liter tax on the export of petrol and ATF, and an INR 13 ($0.16) per liter tax on the export of diesel has taken effect.
Additionally, a INR 23,250 ($294) per metric ton tax was levied on
crude oil produced domestically.
Revenue Secretary Tarun Bajaj said the new taxes would be applicable on SEZ units. “But, the export restriction will not be applicable.”
Want to know more? Check out our Koo & Telegram accounts!
