In India we are paying more than Rs. 70/- for a litre of petrol, that is something which is compeletely unjustified. Even when the International prices have sunk to an all time low of $0.5 per litre, the present government is charging Rs. 70/- which is more than twice the cost of the petrol.
Where is the rest of the money going? We need to be justified as customers and citizens on why the prices are all time high, and prices raised even if the oil prices have dipped in the International markets? This is compelely unjustified even after we pay taxes on income (direct) and expenditure (indirect on service taxes).
Why is a commodity that costs Rs. 30/- after dealer commisons charged Rs. 75+taxes? After we have paid our direct and indirect taxes on income, Value added tax, service tax, krishi kalyan, education, swach bharath cess? And, now Goods & Services Taxes (GST). It is an obvious fact that the urban lower and middle class are the only families that are affected by the rate hikes, and this does directly and indirectly impact them by inflation.
IMHO, the government has still not figured out on how to bring the rest of the country under the tax net. Government has still not figured out how people are taking money away from the country without paying any taxes. It is painful to know, the PMO has still no clue, or resisting to find out who holds the money in the Swiss banks, and how to bring all the dough back to the marginalized economy. The budget document only lists where the money has come from, and where the money will be “allocated to”. And, not the details of the payees internationally. Keep reading our next article: — What’s instake for the ‘Future of Oil’.
*Oil & Gas Industry in India. *Available at: https://www.ibef.org/industry/oil-gas-india.aspx
*Rising oil prices can impact India’s economic growth: Economic Survey 2017. *Available at: http://www.livemint.com/Politics/dVfnajfjo7KgMC00d4iGdK/Rising-oil-prices-can-impact-Indias-economic-growth-Econom.html
Future of Indian Petroleum Industry. Available at: http://business.mapsofindia.com/india-petroleum-industry/future-of-indian-petroleum.html