The Reserve Bank of India (RBI) has made key remarks on tax cuts at a time when petrol and diesel prices are skyrocketing in the country.
RBI on tax reduction in fuel prices : Petrol and diesel prices have risen to record highs in India. Rising oil prices are showing drops for motorists. However, the central government has blamed past governments for not paying enough attention to energy imports. However, this is putting a burden on the middle class people of the country. The Reserve Bank of India has responded to rising prices.
The Reserve Bank of India (RBI) has made key remarks on tax cuts at a time when petrol and diesel prices are skyrocketing in the country. It clarified that the central and state governments need to take coordinated steps towards reducing fuel prices. Under this, it is believed that the indirect taxes levied by the government on petrol and diesel can be reduced. RBI Governor Shaktikant Das made key remarks at a meeting organized by the Bombay Chamber of Commerce (BCC) on the occasion of its 185th founding anniversary.
Shaktikant Das said it was true that the central and state governments were under revenue pressure at a time when energy prices were rising sharply in the country. Post-Corona conditions have reduced revenue streams and increased government spending. He said the central and state governments were not willing to reduce the tax burden on the way to increase the exchequer. However, the RBI governor warned that if these were not reduced, it would lead to inflation again.
He expressed concern that although inflation has been under control for some time, there is a risk that energy prices will have an impact on the manufacturing and manufacturing sectors in the coming days. He said fuel prices in the country have been steadily rising for the past ten days. In some states, it has reached close to Rs 100 per liter. In this context, Shaktikanta Das said that the central and state governments could coordinate heavy indirect taxes on fuel to control their prices. He hoped that a decision on these would be taken soon.
If this is the case, then it is a known fact that the impact of the international market, as well as the taxes levied by the central and state governments on energy in the country, is skyrocketing. The central and state governments together levy a 60 per cent tax on petrol and a 56 per cent tax on diesel on the retail selling price. Petrol and diesel prices have been steadily rising as the central and state governments have not reduced taxes.
Read Also… India vs England 3rd Test Live: Super Fight on the second day of the Pinkball Test ..! Niva ..! Nena ..!