Thursday, 28 January 2016

Govt may re-impose customs duty on crude oil imports

With international oil prices slumping to 12-year low, the government may look at reimposing 5 percent customs duty on crude oil imports to shore up revenue by close to Rs 18,000 crore. The government had cut customs duty on crude oil imports to zero from 5 percent in June 2011 when rates zoomed to over USD 100 per barrel. But with oil prices hovering at USD 30 a barrel now, the duty may be back, official sources said.

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