Reports from the Economic Times online news have revealed that the Indian government has decided to review the import duty to be levied on crude oil and petroleum products after the industry is liberalised in April next year.
Initially the Union Cabinet had planned to impose a tax of 5 per cent on crude oil, 15 per cent on diesel, petrol and jet fuel and 10 per cent on liquefied petroleum gas. But a government official has disclosed that the Finance Ministry has insisted that import taxes on products from the sector be levied at either 8 per cent, 16 per cent or 24 per cent.
The official who wished to remain anonymous told the Economic Times: 'We have had discussions with the finance ministry on this. They are working out what the import duties should be.' It is expected that the new duties will be revealed in February's Budget Speech.
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