In the run up to Budget 2013-14 the finance ministry is considering various areas of taxation and is mulling a cess on import of crude oil. It could be as low as one percent.
In the run up to Budget 2013-14, the finance ministry is considering various areas of taxation and is mulling a cess on import of crude oil. It could be as low as one percent. However, there is no final decision on the quantum yet, reports CNBC-TV18's Aakansha Sethi.
A one percent cess of crude oil will get the government close to Rs 750-800 crore and will only marginally impact the prices of petrol and diesel. Sources in the government told CNBC-TV18 that this Budget is going to focus on economic revival.
In fact the Department of Economic Affairs (DEA) has presented close to a 100 ideas to the finance minister for economic revival across sectors from agriculture, industry to infrastructure and a final decision on this has to be taken.
On the direct tax front one is likely to see a tax on the super rich. Commodities transaction tax (CTT) is also under consideration, but no final decision on hiking indirect tax rates has been taken yet.