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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

Live Intraday Commodity Tips for Today

Gold in the international market is trading at around USD 1215 after hitting the 9 months low. Comex gold in the last week touched the lowest of 9 months of 1206 dollar. Silver on Comex also slipped by around 1 percent to trade on lower levels. Strengthening dollar has put the pressure on crude oil prices. Gold in Indian commodity market is also trading down at around 26908 despite the festive season ahead in India. Silver also trading on lower levels at around 39060. In the successive trading sessions today the gold silver prices are expected to go upside. Traders are advised to buy gold and silver on lower levels and to book profit on higher level.