The Indian Finance Ministry on Wednesday sought to deny media reports that a new tax would be imposed in order to offset the impact of any measures put in place to compensate the oil industry and government purse for soaring fuel prices.
It was widely reported recently that the Ministry was planning to put in place a new surcharge or levy in order to balance a reduction in duty on crude oil, aimed at assisting the sector.
However, in a statement, the Finance Ministry announced that:
"Attention of the Ministry of Finance has been drawn to reports appearing in a section of media following a routine meeting between the Minister of Petroleum and Natural Gas and the Finance Minister. The reports are largely speculative and in particular, reports about certain new tax proposals are totally baseless."
It concluded:
"(The) Ministry of Finance points out that no body from the Ministry had briefed the media."
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