Tuesday, March 01, 2016

MCX commodity Tips| MCX gold Tips| Crude Oil News | BUDGET 2016

Budget 2016 and Crude Oil
 

The Finance Minister Arun Jaitley presented  BUDGET 2016 on Monday.Among so many other changes,he also reduced the cess on domestic crude oil to around 20 % .The move is initiated to meet the demands by the domestic industry to align the cess to international crude oil prices. As international oil prices went to 12-year lows, the domestic industry was estimating re-imposition of 5% customs duty on crude oil imports

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The FM also announced hike in excise duty on aviation turbine fuel to 14% which earlier was 8 %. Although this was not expected, the fact that excise duty on petrol and diesel, mostly used by the common man, was much higher than ATF, hinted at the possibility of such a hike.


Budget 2016: FM sets oil cess at 20% ad valorem, hikes ATF excise duty to 14% The FM also announced hike in excise duty on aviation turbine fuel to 14 percent from 8 percent. Although this was not expected, the fact that excise duty on petrol and diesel, mostly used by the common man, was much higher than ATF, hinted at the possibility of such a hike. Budget 2016: FM sets oil cess at 20% ad valorem, hikes ATF excise duty to 14% Shweta Mungre moneycontrol.com The Finance Minister Arun Jaitley on Monday reduced the cess on domestically produced crude oil from Rs 4500 per metric tonne to 20 percent ad valorem, as he presented the Union Budget for 2016-17. The move follows repeated requests by the domestic industry to align the cess to international crude oil prices. The FM also announced hike in excise duty on aviation turbine fuel to 14 percent from 8 percent. Although this was not expected, the fact that excise duty on petrol and diesel, mostly used by the common man, was much higher than ATF, hinted at the possibility of such a hike. As international oil prices slumped to 12-year lows, the domestic industry was widely anticipating re-imposition of 5-percent customs duty on crude oil imports. In June 2011, when rates zoomed to over USD 100 per barrel, the customs duty on crude oil imports had been cut to zero from 5 percent.

Read more at: http://www.moneycontrol.com/news/economy/budget-2016-fm-sets-oil-cess-at-20-ad-valorem-hikes-atf-excise-duty-to-14_5691461.html?utm_source=ref_article
Budget 2016: FM sets oil cess at 20% ad valorem, hikes ATF excise duty to 14% The FM also announced hike in excise duty on aviation turbine fuel to 14 percent from 8 percent. Although this was not expected, the fact that excise duty on petrol and diesel, mostly used by the common man, was much higher than ATF, hinted at the possibility of such a hike. Budget 2016: FM sets oil cess at 20% ad valorem, hikes ATF excise duty to 14% Shweta Mungre moneycontrol.com The Finance Minister Arun Jaitley on Monday reduced the cess on domestically produced crude oil from Rs 4500 per metric tonne to 20 percent ad valorem, as he presented the Union Budget for 2016-17. The move follows repeated requests by the domestic industry to align the cess to international crude oil prices. The FM also announced hike in excise duty on aviation turbine fuel to 14 percent from 8 percent. Although this was not expected, the fact that excise duty on petrol and diesel, mostly used by the common man, was much higher than ATF, hinted at the possibility of such a hike. As international oil prices slumped to 12-year lows, the domestic industry was widely anticipating re-imposition of 5-percent customs duty on crude oil imports. In June 2011, when rates zoomed to over USD 100 per barrel, the customs duty on crude oil imports had been cut to zero from 5 percent.

Read more at: http://www.moneycontrol.com/news/economy/budget-2016-fm-sets-oil-cess-at-20-ad-valorem-hikes-atf-excise-duty-to-14_5691461.html?utm_source=ref_article