Finance Minister’s big announcement in the backdrop of rising inflation of petrol and diesel; Government will take this step
Financial Minister Nirmala Sitharaman On Fuel Tax Very important news for the common people who were shocked by the rising inflation of petrol and diesel. Finance Minister Nirmala Sitharaman has made a big announcement regarding fuel. The Finance Minister has said that the government will now review the new tax imposed on crude oil, petrol-diesel and aviation fuel (ATF) every 15 days. That is, the government will review the tax every fortnight keeping in mind the international prices.
Finance Minister’s big announcement regarding petrol and diesel
Finance Minister Sitharaman said in a press conference after the two-day GST meeting, “These are tough times and global oil prices are unbridled. We do not want to discourage exports, but want to increase its availability domestically. If oil is not available and export continues. To rise, some part of it has to be kept for our citizens as well.”
Export tax on petrol, diesel and jet fuel
The government on Friday announced the imposition of tax on the export of petrol, diesel and aviation fuel. A tax of Rs 6 per liter has been imposed on the export of petrol and ATF and Rs 13 per liter on diesel. This new rule has come into effect from today i.e. July 1.
Tax on locally produced oil also
Like Britain, locally produced crude oil was also taxed. Domestically produced crude oil has been taxed at Rs 23,250 per tonne. Revenue Secretary Tarun Bajaj (Revenue Secretary) said the new tax would be applicable to SEZ units as well, but there is no restriction on their exports. Along with this, the Finance Minister said that the Reserve Bank of India and the government are monitoring the situation. What is the effect of rupee value on imports? The government is fully aware of this.