Deora hails tax rationalisation in oil sector

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New Delhi, Feb 29 (UNI) Petroleum Minister Murli Deora today welcomed the tax rationalisation in excise duties on unbranded petrol and diesel in Budget 2008-09.

Referring to the conversion of the advalorem part of the excise duty to specific duty on these products, the Minister said that this is a major step forward towards rationalising tax structure of petroleum products.

He also said that reduction of import duty on project imports from 7.5 per cent to 5 per cent will give a boost to fresh investment in the oil and gas sector, along with other industrial sectors.

Hailing the Budget as a land mark one, he said that the critical agriculture sector had been given due importance in ensuring that India continues on the high growth path.

The minister also pointed out that the UPA Government's approach on inclusive development found ample reflection in the quantum jump in fund allocations to the social sector schemes, especially for vulnerable and backward sections of the society.

He also congratulated Finance Minister P Chidambaram on announcing several measures for the welfare of farmers and added that ordinary tax payers have also benefited significantly.

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