Taxes are root cause for under-recovery of oil companies: Raise Your Voice -Part 1
EAS Sarma, former secretary to the Government of India shares findings of the National Institute of Public Finance on how diesel prices are loaded! He also exposes how core sectors such as agriculture, transport, power and industry will bear the brunt of the rise. Now is the time to raise your voice…
Prime minister Dr Manmohan Singh had made it look as though the hike in the price of diesel was the most urgent act of reform on the part of his government. Let us consider it in the overall perspective of the oil economy of our country.
While using his “money-does-not-grow-on-trees” argument, the PM had informed the nation how the public exchequer could no longer bear the burden of the so-called ‘subsidies’ on diesel and cooking gas. He conveniently failed to inform the nation that his government had granted generous tax exemptions to the corporate world and these were estimated at Rs3.92 lakh crore during 2011-12 as evident from Annexure 15 of the Receipts Budget presented by his finance minister to the Parliament this...
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