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Nirmala Sitharaman: Govt to review new taxes levied on crude, diesel, ATF every fortnight | India Business News

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NEW DELHI: Finance Minister Nirmala Sitharaman on Friday stated the federal government will review every fortnight the new taxes levied on crude, diesel and ATF based mostly on worldwide costs.
She stated these are “extraordinary times” and oil costs are internationally unbridled.
“We do not want to discourage export, but want domestic availability to increase,” Sitharaman instructed reporters right here.
She stated that if oil is just not being obtainable and exports are taking place at such phenomenal revenue, we want no less than a few of it for our personal residents.
“We need to take this twin-pronged approach,” the minister added.
The authorities on Friday slapped an export tax on petrol, diesel and jet gas (ATF) whereas additionally becoming a member of nations just like the UK in imposing a windfall tax on crude oil produced domestically.
A Rs 6 per litre tax on export of petrol and ATF and Rs 13 per litre tax on export of diesel is efficient from July 1.
Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.
Revenue Secretary Tarun Bajaj stated the new taxes could be relevant on SEZ items. “But, the export restriction will not be applicable,” he stated.
On the rupee, the finance minister stated the Reserve Bank and authorities are keenly watching the state of affairs. The authorities is aware of the impression of the rupee worth on imports.

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