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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
General »
 Interest income from an NRO account is fully taxable in India
 Income tax payers filing appeals before ITAT will have to provide information relating to the amount locked up in dispute
 GST, infrastructure status drive PE investments in warehousing
 Taxman should move towards limited scrutiny
  Government likely to withdraw tax notice on free banking services
 GST Council may bring natural gas, aviation turbine fuel under its purview at next meeting
 IT department cautions TDS deductors against quarterly filing default
 The notification said start-ups approved by an inter-ministerial panel are exempted from the tax which is levied on firms issuing shares to investors above their fair value, treating it as income from other sources
 Why you need to sort out your tax-residency status
 Government likely to withdraw tax notice on free banking services
 Senior Citizens Savings Scheme Rules, 2004

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 2018 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