Cess on income tax proposed to fund fuel subsidy

Finmin seeks formula for revenue-neutral halving of subsidies The petroleum ministry has proposed to impose a surcharge on direct taxes to offset the staggering losses oil companies run up from selling petroleum products at prices lower than their cost. The under-recoveries of oil companies on selling petrol, diesel, kerosene and liquefied petroleum gas are estimated to reach as high as Rs2,35,000 crore in the current fiscal year that ends in March 2009, a person familiar with the matter sai

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CCI News Desk

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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