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

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