Home / Knowledge / News / Textiles / Reduction in customs duty on crude from 5% to NIL
Reduction in customs duty on crude from 5% to NIL
05
Jun '08
Following is the text of the statement of Shri P.V. Bhide, Secretary, Department of Revenue, Ministry of Finance made at the press conference held:

“Ministry of Petroleum and Natural Gas has requested reduction in customs duty and excise duty on crude oil and petroleum products in order to enhance the realisation for Oil Marketing Companies (OMCs).

Although there are tremendous demands on the revenue, especially for programmes and schemes in the social sector, it has been decided to make certain duty changes in customs and excise.

These duty changes will result in an estimated loss of revenue of about Rs.22,660 crores for the remaining ten months of this fiscal year.

The following duty changes have been notified;
(a)Reduction in customs duty on crude from 5% to NIL.
(b)Reduction in customs duty on HSD and petrol from 7.5% to 2.5%.
(c)Reduction in customs duty on other petroleum products from 10% to 5%.
(d)Reduction in excise duty on HSD and petrol by Re. l per litre.”

Press Information Bureau Government of India

Must ReadView All

Textiles | On 22nd May 2017

GST to be biggest achievement of Modi govt: ASSOCHAM

Goods and Services Tax (GST) which is near a roll-out would be the...

Textiles | On 22nd May 2017

Maintaining NAFTA benefits is crucial: Cotton council

The US must remain a participant in a vibrant North American Free...

Apparel/Garments | On 22nd May 2017

Retailers ask Congress not to go for consumption tax

The National Retail Federation has asked US Congress to focus on...

Interviews View All

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search