Public sector oil marketing companies, Oil industry company

Minister of State for Finance Pankaj Chaudhary on Tuesday said that the excise duty rates on petrol and diesel have been calibrated to generate resources for developmental items of expenditure keeping in view the present fiscal position.Responding to a starred question on whether Government would consider to subsume the higher prices under various other taxes being recovered so that common people are not made to suffer the burden, the MoS for Finance in a written reply to a question in the Rajya Sabha said, "The excise duty rates on petrol and diesel have been calibrated to generate resources for infrastructure and other developmental items of expenditure keeping in view the present fiscal position.""Prices of petrol and diesel are market-determined with effect from June 26, 2010, and October 19, 2014, respectively. Since then, the Public Sector Oil Marketing Companies (OMCs) have been taking appropriate decisions on the pricing of petrol and diesel on the basis of international product prices and other market conditions," Chaudhary said in his reply."The OMCs have increased and decreased the prices of petrol and diesel according to changes in international prices and rupee-dollar exchange rate. The Government continues to modulate the effective price to consumer for Subsidized Domestic LPG," he said."Article 279 A (5) of the Constitution prescribes that the Goods and Service Tax Council shall recommend the date on which the goods and services tax be levied on petroleum crude, high-speed diesel, motor spirit (commonly known as petrol), natural gas and aviation turbine fuel (ATF). Also as per Section 9(2) of the CGST Act, the inclusion of these products in GST will require the recommendation of the GST Council. So far, the GST Council, in which the states are also represented, has not made any recommendation for inclusion of petrol and diesel under GST," his reply stated.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Pahalgam Terror Attack

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

Public Sector Oil Marketing CompaniesFOLLOW

Public sector oil marketing companies, Latest News

Business :How Medtech Transformed Blood Pressure Monitor Segment

Medtech life is a global leader in medical technology, and today it is much known for its inputs to transform the BP Monitor segment through its innovative products. BP monitors are a vital part of healthcare, and have become an important product for ...

Technology :Research reveals instant benefits of deep-water pipeline for sea-floor animals

An undersea survey, which was held in the west of Africa, off the coast of Angola, has found that in response to the installation of a pipeline, the richness and variety of deep-sea floor species rises dramatically. ...

Aurangabad :DO NOT IGNORE: WORLD HYPERTENSION DAY TODAY

Prof Dr Mangala Borkar speaks with Senior Cardiologist Dr Vilas Magarkar Q: What is blood pressure? A: It is ... ...

National :Govt closely monitoring global energy markets, potential energy supply disruptions as fall-out of evolving geopolitical situation: Centre

The Minister of State for Petroleum and Natural Gas, Rameswar Teli in a written reply to a question in the Rajya Sabha on Monday informed that the geopolitical situation between Russia and Ukraine has resulted in a steep increase in global crude oil ...

Nagpur :4 cyclists complete Pachmarhi 600 km brevet

Nagpur, Oct 25 Four riders completed the Pachmarhi Signature 600km brevet, one of the toughest in the country, organised ... ...

Politics :Excise duty rates on petrol, diesel calibrated to generate resources for infra development: FinMin

Minister of State for Finance Pankaj Chaudhary on Tuesday said that the excise duty rates on petrol and diesel have been calibrated to generate resources for developmental items of expenditure keeping in view the present fiscal position. ...