The government plans to withdraw the existing 5% advance tax on the import of 13 oil and petroleum products in the upcoming budget aiming to alleviate the burden on the public due to rising inflationary pressure, according to sources within the finance ministry.
Officials from the finance ministry have confirmed to The Business Standard that the removal of the advance tax will result in cheaper fuel oils, including crude oil, diesel, jet fuel, kerosene, and base oil.
Source: www.tbsnews.net
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