{"id":341180,"date":"2020-03-11T10:44:31","date_gmt":"2020-03-11T05:14:31","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=341180"},"modified":"2020-03-11T10:44:31","modified_gmt":"2020-03-11T05:14:31","slug":"fall-in-oil-prices-opens-window-for-government-to-raise-taxes","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/fall-in-oil-prices-opens-window-for-government-to-raise-taxes\/","title":{"rendered":"Fall in oil prices opens window for government to raise taxes"},"content":{"rendered":"<p>NEW DELHI : The sharp decline in global crude oil prices on Monday opens a window of opportunity for Prime Minister Narendra Modi\u2019s government to increase excise duties on petrol and diesel to boost its revenues, at a time it is struggling to garner resources amid an economic slowdown.<\/p>\n<p>Taxes on petroleum products are an important source of revenue for both the Union government and states as these taxes are discretionary and most of the products are out of the purview of goods and services tax (GST). Presently, only cooking gas, kerosene and naphtha are subject to a GST rate.<\/p>\n<p>Raising excise duty on petrol and diesel will limit the extent of price reduction that fuel retailers will be able to pass on to consumers. The low oil price regime also offers fiscal space to states to consider increasing value added tax (VAT) on auto fuels.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW DELHI : The sharp decline in global crude oil prices on Monday opens a window of opportunity for Prime Minister Narendra Modi\u2019s government to increase excise duties on petrol and diesel to boost its revenues, at a time it is struggling to garner resources amid an economic slowdown. Taxes on petroleum products are an important source of revenue for both the Union government and states as these taxes are discretionary and most of the products are out of the purview of goods and services tax (GST). Presently, only cooking gas, kerosene and naphtha are subject to a GST rate. [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[139,130,187],"tags":[],"class_list":["post-341180","post","type-post","status-publish","format-standard","hentry","category-live-mint","category-newspapers","category-oil-gas-live-mint"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/341180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=341180"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/341180\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=341180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=341180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=341180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}