Wednesday, September 22, 2021
Home Politics Govt Considers Tax-Cut On Petrol, Diesel

Govt Considers Tax-Cut On Petrol, Diesel

- Advertisement -

New Delhi: India’s finance ministry is considering cutting excise duties on petrol and diesel to cushion the impact of record high domestic prices, three government officials close to the discussions said.

A doubling in the price of crude oil over the past 10 months has contributed to record fuel prices at gas stations in India. But taxes and duties account for roughly 60% of the retail price of petrol and diesel in the country, the world’s third biggest consumer of crude oil.

As the coronavirus pandemic hit economic activity, Prime Minister Narendra Modi’s government twice raised taxes on petrol and diesel in the last 12 months to boost sagging tax revenues instead of passing on the benefits of low oil prices last year to consumers.

India’s Finance Ministry has now started consultations with some states, oil companies and the oil ministry to find the most effective way to lower the tax burden on consumers without federal finances taking a big hit, the sources said.

“We are discussing ways in which prices can be kept stable. We will be able to take a view of the issue by mid-March,” said one of the sources.

The sources, who asked not to be named as the deliberations are private, said the government wants oil prices to stabilise before cutting taxes, as it does not want to be forced to change the tax structure again, should crude prices rise further.

India’s Finance Minister Nirmala Sitharaman recently said: “I can’t say when we will reduce taxes on fuel, but (the) centre and states have to talk to reduce fuel taxes”.

- Advertisement -
- Advertisement -
Stay Connected
16,985FansLike
2,458FollowersFollow
61,453SubscribersSubscribe
Must Read

Sonam Kapoor Steals Thunder At The Business of Fashion Show on Bloomberg Quicktake

London: Credited for redefining the fashion game of the industry, actress Sonam Kapoor always makes headlines for her panache for styling. Currently, the actress...
- Advertisement -

Protests From India Force UK To Allow Entry To Covishield Vaccinated Travellers

New Delhi: Amid protests from India, the UK has revised its travel policy to include Covishield as an approved vaccine for travellers from India. NDTV...

All Well Between Prabhas & Pooja Hegde On Radhe Shyam Set

Mumbai: Prabhas and Pooja Hegde’s big canvas, romantic drama Radhe Shyam is all set to release in theatres nationwide on Makar Sankranti next year. Directed...

Turkish President Erdogan Bats For Pakistan Over Kashmir In United Nations

United Nations: Turkish President Recep Tayyip Erdogan has sparked a row by once again raising the Jammu & Kashmir issue in his address at...
Related News

Sonam Kapoor Steals Thunder At The Business of Fashion Show on Bloomberg Quicktake

London: Credited for redefining the fashion game of the industry, actress Sonam Kapoor always makes headlines for her panache for styling. Currently, the actress...

Protests From India Force UK To Allow Entry To Covishield Vaccinated Travellers

New Delhi: Amid protests from India, the UK has revised its travel policy to include Covishield as an approved vaccine for travellers from India. NDTV...

All Well Between Prabhas & Pooja Hegde On Radhe Shyam Set

Mumbai: Prabhas and Pooja Hegde’s big canvas, romantic drama Radhe Shyam is all set to release in theatres nationwide on Makar Sankranti next year. Directed...

Turkish President Erdogan Bats For Pakistan Over Kashmir In United Nations

United Nations: Turkish President Recep Tayyip Erdogan has sparked a row by once again raising the Jammu & Kashmir issue in his address at...

My Visit Would Be An Occasion To Strengthen Comprehensive Global Strategic Partnership With US: PM Narendra Modi

New Delhi: Prime Minister Narendra Modi will be leaving for the United States today to participate in the four-nation Quad meet on September 24....
- Advertisement -

95 COMMENTS

  1. Excellent site you have here but I was wondering if you knew of any community forums that cover the same topics talked about here?
    I’d really love to be a part of group where I can get suggestions from other experienced individuals that share the same interest.
    If you have any recommendations, please let me know. Thanks a lot!

    asmr 0mniartist

  2. You really make it appear so easy together with your presentation however I to find this matter to be really one thing which I feel I would never understand.
    It kind of feels too complicated and extremely vast for
    me. I’m having a look ahead to your next post, I will try to get the hang of
    it!

  3. What you said made a great deal of sense. But, what about this?
    suppose you were to write a awesome headline?
    I mean, I don’t wish to tell you how to run your website, however suppose you added a post title that grabbed people’s attention? I mean Govt Considers Tax-Cut On Petrol, Diesel – The Lateralz is a little plain. You might look
    at Yahoo’s home page and note how they create article headlines to get people to click.
    You might add a video or a related pic or two to get readers excited about
    what you’ve written. Just my opinion, it might bring your
    posts a little bit more interesting.

  4. Amazing! This blog looks exactly like my old one! It’s on a totally different subject but it has pretty much the same page layout and design.
    Outstanding choice of colors!

  5. Do you mind if I quote a couple of your articles as long as
    I provide credit and sources back to your website? My blog is in the very same niche as yours and my visitors would certainly benefit from a
    lot of the information you provide here. Please let me know if this alright with you.
    Thanks a lot!

  6. This is very fascinating, You’re an overly skilled blogger.
    I have joined your feed and look ahead to searching for extra of your great post.
    Additionally, I have shared your site in my social networks

  7. Thank you, I have just been searching for information about this subject for a while and yours is the
    best I’ve found out so far. However, what in regards to the bottom line?
    Are you certain about the source?

  8. scoliosis
    It is perfect time to make a few plans for the future and
    it is time to be happy. I have learn this post and if I
    may just I desire to suggest you few interesting
    issues or suggestions. Perhaps you could write next
    articles regarding this article. I desire to read even more things approximately it!
    scoliosis

  9. scoliosis
    Hi there every one, here every person is sharing such familiarity,
    so it’s fastidious to read this webpage, and I used to visit this
    web site everyday. scoliosis

  10. I blog quite often and I seriously thank you for your content.
    This article has truly peaked my interest. I will take a note
    of your site and keep checking for new information about once a week.
    I subscribed to your RSS feed too.

  11. Hi! This is kind of off topic but I need some help from an established blog.
    Is it very difficult to set up your own blog?
    I’m not very techincal but I can figure things out pretty quick.
    I’m thinking about creating my own but I’m not sure
    where to begin. Do you have any tips or suggestions?

    Thank you

LEAVE A REPLY

Please enter your comment!
Please enter your name here