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The Cesspool Of Crude Oil Cess
Edward Hugh (September 20th, 2008) Writes:
Did you know that the Indian government imposes a cess on indigenously produced crude oil? The Oil Industry Development Act, 1974 based on which the cess is being charged, states that “the cess collected under this provision would be made available to the development of petroleum sector”. The cess was introduced to provide financial assistance to state-owned oil companies, and is not applicable to private oil producers.
Since then, the government has collected Rs.74972.36 crore as cess, but only Rs.902
...Tags for this Post:
Consolidated Fund of India, crude oil, Crude Oil Production, domestically-produced crude oil, Economics, increased profit oil, India, India, indian economy, Indian Government, indigenous crude oil, Oil, Oil India, oil producers, oil tax, ONGC, petroleum products, public sector oil producers, Rs, state-owned oil, through oil bonds, USD
Consolidated Fund of India, crude oil, Crude Oil Production, domestically-produced crude oil, Economics, increased profit oil, India, India, indian economy, Indian Government, indigenous crude oil, Oil, Oil India, oil producers, oil tax, ONGC, petroleum products, public sector oil producers, Rs, state-owned oil, through oil bonds, USD
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