KTR slams Centre for slashing windfall tax

PNS|Hyderabad

Industries Minister KTR lashed out at the Centre for reducing the windfall tax on crude oil instead of transferring it to the common man by lowering petrol and diesel prices. He accused the Modi Government of being insensitive to commoners and favouring a handful of private companies.

“The Central Government did not reduce the prices of petrol but brought down taxes paid by companies. This clearly shows that companies are the top priority for the Centre,” said KTR.

He said that Rs 35,000 crore was saved by importing crude oil from Russia at discounted prices and only two to three companies benefited from it. KTR said that corporate companies refined the crude oil bought from Russia and exported it to other countries.

He demanded to know why the Centre issued permission to export the crude oil bought from Russia, and not used it within the country. “Ordinary citizens did not benefit from it. Who is pocketing the profits of companies?” KTR asked.

Finding fault with the Centre for blaming States like Telangana for high petrol prices, KTR pointed out that the cess imposed by the Centre is the reason for the hike. The Minister said that Rs 30,000 billion was collected as cess. He also said that Value Added Tax (VAT) had not increased in Telangana since 2014. KTR said that the price of petrol can be reduced to Rs 70 a litre and diesel to Rs 60 a litre if the Centre scraps cess.