Oil Corporations: No change in price of petrol/diesel
Posted on: 08/Nov/2015 12:33:25 PM - No. of views : (2167)
Though Production or Manufacturing Tax on petrol & diesel has been raised, oil corporations have informed that there would be no change in the price of petrol & diesel for the time being.
Hence, it is understood that the oil corporations themselves will bear the burden of addition tax mentioned above.
The central government, citing its current huge financial burden, has raised the Production Tax for petrol and diesel.
Central government Kalal & Customs Tax department has informed that petrol price will be up by Rs. 1.60 per litre and diesel price will be up by Rs. 0.60 per litre.
It is estimated that the government will earn additional revenue of Rs. 3200 Crores.
In the last year alone, production tax on petrol and diesel has been revised 5 times.
