On 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 aviation fuel (ATF) every 15 days. Let’s know the latest update.
FM on Fuel Tax: There is news of work for people troubled by the rising inflation of petrol and diesel. Finance Minister Nirmala Sitharaman has made a big announcement on fuel. The Finance Minister has said that the government will now review the new tax imposed on crude oil, diesel-petrol and aviation fuel (ATF) every 15 days. In fact, keeping in mind the international prices, the taxes will be reviewed every fortnight by the government.
Finance Minister said a big thing
Finance Minister Sitharaman said during the conversation that this is a difficult time and global oil prices have become uncontrollable. “We don’t want to discourage exports but want to increase its availability domestically,” he said.
Export tax on petrol, diesel and aviation turbine fuel
The government on Friday also announced a tax on the export of petrol, diesel and aviation turbine fuel (ATF). This new rule has come into effect from today i.e. July 1.
Tax on locally produced oil
Along with this, it was also announced to impose a tax on locally produced crude oil like Britain. Domestically produced crude oil has been taxed at Rs 23,250 per tonne. Revenue Secretary Tarun Bajaj said the new tax will also apply to SEZ units but there will be no restriction on their exports. At the same time, 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 conscious of the impact of the rupee’s value on imports.
