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The prices of petrol and diesel would fall by around Rs 2 per litre in Kerala if the state government reduces the sales tax on these fuels.
Pinarayi said that a substantial chunk of the increase was made up of cesses and surcharges. These have now risen to 15% of the Centre's total tax receipts, the CM said.
It included financial losses suffered in the industrial production sector and loss of revenue and taxes received from various other sectors.
Central to the economic crisis Sri Lanka is facing are some of the short-sighted policy decisions taken by President Rajapakse’s regime as they came to power, promising national security and greater economic revival.
Indian state-run oil companies have not raised prices since November 4, a move observers said had aided Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) in crucial state assembly elections.
The major reason for projects failing to take off could be attributed to the government playing to the gallery by including them in the Budget without considering if they could be practical.
International crude oil prices shot above $110 a barrel for the first time since mid-2014 on fears that oil and gas supplies from energy giant Russia could be disrupted, either by the conflict in Ukraine or retaliatory western sanctions.
Nasiruddin had been at the forefront of struggle for the rights of the traders’ community in Kerala.
At a cabinet meeting chaired by Chief Minister Arvind Kejriwal, it was decided that the Value-Added Tax (VAT) on petrol will be reduced from the present 30 per cent to 19.4 per cent, leading to a cut of around Rs 8 per litre.
This is the first time ever that India, which stores 5.33 million tonnes or about 38 million barrels of crude oil in underground caverns at three locations on the east and west coast, is releasing stocks for such purposes.