Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: VAT RATES :: list of goods taxed at 4% :: cpt :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: ACCOUNTING STANDARD :: due date for vat payment :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4%
 
 
General »
 Simplified one page Income Tax Return Form: Changes to keep in mind before filing tax return for AY2017-18
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 GST coming July 1 despite calls for delay: Revenue Secretary Hasmukh Adhia
 Centre introduces provision of taxation on NPS in Income Tax Act
 Income Tax Department Clarifies On Cash Withdrawal From Banks, Post Offices
 The Goods And Services Tax (Compensation To States) Bill, 2017
  Goods and Service Tax (GST) and Real Estate Sector
 New Income Tax Rules On Home Loan Come Into Effect
 Here's how late filers can save on stress and taxes
 Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib ?Kalyan Yojana, 2016
 Companies should invest in upgradation of tax technology

Oil subsidy may triple to 2.2 per cent of GDP
June, 02nd 2008

India's oil subsidy may shoot up three times to 2.2 per cent of the GDP this year even as the government dithers on raising fuel prices in step with the rise in input (crude oil) cost.

The country paid $8.7 billion in oil subsidies in 2007 or 0.7 per cent of the GDP.

In 2008 when GDP is slated to grow to $1.34 trillion, the subsidy may jump to $18.1 billion at $100 a barrel crude price, and to $23.4 billion at $115. At current market price, it would rise to USD 29.2 billion, Credit Suisse said in its latest report on subsidies in Asia.

State-run fuel retailers Indian Oil, Bharat Petroleum and Hindustan Petroleum face a revenue loss of Rs 225,040 crore on sale of petrol, diesel, domestic LPG and kerosene this fiscal on not being allowed to align retail prices with cost.

BPCL and HPCL would run out of cash to even import crude oil in July while IOC can sustain imports till September. Yet, even after several rounds of consultations at the level of Prime Minister Manmohan Singh and UPA Chairperson Sonia Gandhi, no decision has been taken on either raising retail prices and/or cutting duties.

"India with a high net import content, is in greater need for price hikes," Credit Suisse said pointing that the country imported 75 per cent of its oil needs.

On the other hand, China, which imports 52 per cent of its oil needs, is continuing price caps and yet would see subsidies rising to only 0.3-0.8 per cent of the GDP.

India marginally subsidises LPG and kerosene from the Budget and meets less than half of the revenue loss on fuel sales through issue of oil bonds. It issued IOC, BPCL and HPCL oil bonds worth Rs 35,290 crore in 2007-08 fiscal.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions