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LPG Price 1 September 20023: After providing relief to domestic and commercial LPG cylinder consumers, the central government has now given major relief to oil marketing companies as well. Import duties on liquefied petroleum gas (LPG) and agriculture and infrastructure have been reduced from 15% to zero. LPG imported by private companies was subject to 15% import duty and 15% agricultural and infra cess. The notification of the Central Board of Indirect Taxes and Customs has said that the new rates have come into effect from today i.e. September 1. The new duty cut will provide some relief to OMCs.
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Earlier this week, the Modi government hiked LPG cylinder prices for all domestic LPG consumers by Rs 14.2 per cylinder. 200 and later clarified that the cost would be borne by the oil producing company. Along with this, the price of commercial cylinder has also decreased by Rs 157.50 today.
The government on July 1 increased the basic customs duty on domestic LPG cylinders from 5% to 15%. It has also imposed an agricultural infrastructure and development cess of 15% on import of LPG cylinders. However, the original customs duty hike was not applicable to imports by state-owned oil companies such as Indian Oil Corporation Limited, Hindustan Petroleum Corporation Limited and Bharat Petroleum Corporation Limited. This was to ensure that this tariff increase would not affect the general consumers.