No new fuel cess proposed: finance ministry

Wednesday, 28 May 2008, 07:00 Hrs
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New Delhi: The Finance ministry Wednesday said no new proposal in the form of an income tax surcharge was being considered to bail out state-run oil marketing companies, reeling under high global crude oil prices.

The tax proposal, it was reported Tuesday, was among the various options that came up during a meeting between Finance Minister P. Chidambaram and Petroleum Minister Murli Deora. But it has since been denied by the finance ministry.

"The reports are largely speculative and, in particular, reports about certain new tax proposals are totally baseless," a statement by the finance ministry said.

"Ministry of finance points out that no body from the ministry had briefed the media," the statement added.
Source: IANS
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