The Congress occasion has refuted Finance Minister Nirmala Sitharaman’s latest assertion on oil bonds and accused her of constructing false claims.
Reacting to the Nirmala Sitharaman’s assertion, Congress chief Ajay Maken stated the Narendra Modi-led authorities has spent Rs 73,440 crore on servicing of oil bonds since 2014-15. On the opposite, the federal government has collected Rs 22.34 lakh crore by way of taxes on petroleum merchandise.
Ajay Maken stated official figures are sufficient to reveal BJP’s “oil bond falsehood”. He stated that within the present fiscal 12 months, the federal government has a legal responsibility to pay Rs 20,000 crore tower reimbursement and curiosity on excellent funds in direction of oil bonds. He added that the spending on servicing of oil bonds is simply 3.2 per cent of the tax assortment from petroleum merchandise.
Maken stated at present charges, the federal government is predicted to gather Rs 5 lakh crore from taxes on petroleum merchandise.
Moreover, the primary oil bonds price Rs 9,000 crore have been launched on April 1, 2002. Ajay Maken stated the funds for these have been to be made in 2009, including that the “UPA never cribbed, because servicing of bonds is a minuscule part” of the entire income collected from the petroleum merchandise.
CONGRESS RETALIATES AFTER FM’S ‘TRICKERY’ CHARGE
The actual purpose behind excessive oil costs just isn’t as a result of price in direction of servicing oil bonds, however the discount in gasoline subsidy by 12 instances and enhance in taxes by 3 instances.
“In 2020-21 alone, tax on petrol and diesel was Rs 4,53,812 crore, it is three times more than 2013-14,” Maken added.
The Congress chief added that BJP raised central taxes on petrol and diesel by Rs 23.87 per litre and Rs 28.37 per litre previously 7 years.
He claimed that the central authorities collected further Rs 1,89,711 crore yearly and has “extorted” Rs 22,33,868 crore by levying excessive excise obligation on petrol and diesel in previous 7 years.
“Consistent increase in the prices of LPG, CNG, PNG, petrol and diesel exemplifies the Modi Government’s arrogance,” Maken added.
Quoting official figures of Petroleum Planning and Analysis Cell, Maken stated the UPA authorities gave subsidy on petroleum merchandise to the tune of Rs. 1,64,387 crore in 2012-13 and Rs 1,47,025 crore in 2013-14.
On the opposite, the current NDA authorities drastically decreased this quantity 12 months after 12 months to Rs 12,231 crores in 2020-21, stated Ajay Maken.
LOWER CORPORATE TAXES BEHIND HIGH FUEL PRICES?
Ajay Maken stated the central authorities can not reduce the excise on petroleum merchandise because it has lowered company taxes. As a results of reducing company taxes, the central authorities wants more cash to match its spendings, the Congress chief stated.
The price of decrease company tax charges for the federal government is being borne by residents within the type of greater petrol and diesel costs, Maken added.
Corporate taxes have come down totally on account of the bottom tax fee being reduce from 30 per cent to 22 per cent in September 2019 and to fifteen per cent from the sooner 25 per cent for brand new manufacturing corporations.
In absolute phrases, the entire company tax collected in 2019-20 had stood at Rs 5.57 lakh crore. It fell to Rs 4.57 lakh crore in 2020-21, because of decrease company tax charges. The collections underneath Goods and Services Tax (GST) have additionally not gone alongside anticipated traces.
Ajay Maken stated to make up for decrease company tax collections, the federal government has elevated the excise obligation on petroleum merchandise.
“It is simply truthful to say that the price of decrease company tax charges for the federal government, is being borne by residents within the type of greater petrol and diesel costs. We aren’t in opposition to offering any aid to the company sector because it has an vital position in nation-building, however we’re in opposition to fleecing the poor, the farmers, and customary individuals to compensate for fall in gross tax income from company,’ Maken stated.