Budget 2018: Petroleum ministry seeks 50% cut in ad valorem cess

Petroleum ministry has made a presentation to Finance Ministry to cut cess on domestically produced crude oil to 10% from current 20% to provide relief to producers hit by slump in prices. After oil producers including state-owned ONGC and private sector Cairn India pleaded for reduction in cess, the ministry had written to Finance Ministry to revise the rate to 10-12 per cent ad-valoren or alternatively consider introducing of a graded system of cess rate.
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