Cairn India has written to the Prime Minister, protesting against the incremental cess which was announced in the Union Budget 2012-13, CNBC-TV18 has learnt.
While highlighting the Budget, the Finance Minister said that henceforth, cess on crude will be charged 4500/ each metric tonne instead of the current 2,500 which upstream companies like Cairn India, Oil and Natural Corp (ONGC) and Gas Authority of India (GAIL) pay.
Cairn India in its written communication to the PM has also pointed out the extent of impact on its topline. With this incremental cess coming into effect, the Vedanta-controlled company will have to take a hit of around $2.5 billion.
Also watch the accompanying video for more details.....
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
