Finance Minister Nirmala Sitharaman on Friday said the Government will review every fortnight the new taxes levied on crude, diesel and ATF based on international prices.
She said these are “extraordinary times” and oil prices are internationally unbridled.
“We do not want to discourage export, but want domestic availability to increase,” Sitharaman told reporters here.
She said that if oil is not being available and exports are happening at such phenomenal profit, we need at least some of it for our own
citizens. “We need to take this twin-pronged approach,” the minister added.
A Rs 23,250 per tonne tax was levied on crude oil produced domestically.
Revenue Secretary Tarun Bajaj said the new taxes would be applicable on SEZ units. “But, the export restriction will not be applicable,” he
said.