The government may levy a cess on income tax and corporate tax to part-fund the oil subsidy bill which is projected to balloon to Rs 235,000 crore this year, three times what it was last year, due to rising oil prices.


</p><tr><td><p class='TableClas'></p><P class='TableClas'><DIV CLASS=rightDiv><script language="JavaScript">
		google_ad_client = 'businessstandard';
		//google_ad_client = 'ca-businessstandard_js';
		google_ad_width = 200;
		google_ad_height = 200;
		google_ad_format = "200x200_as";
		google_ad_type = "text";
		google_ad_channel = "";
		//google_color_border = "FFFFFF";
		google_color_border = "F7F7F7";
		//google_color_bg = "FFFFFF";
		google_color_bg = "ffffff";
		//google_color_link = "639ACE";
		google_color_link = "0253B7";
		google_color_text = "000000";
		google_color_url = "D63431";
		//google_skip = adsenseSkip;
		</script> 
		<script type="text/javascript" src="http://pagead2.googlesyndication.com/pagead/show_ads.js">
		</script> </DIV><p class='TableClas'>This would be part of a multi-pronged package to provide relief to the cash-strapped oil companies, which would also include a hike in the price of petrol and diesel, a reduction in customs and excise duties as well as an issue of oil bonds by the government.</P>
</p><p class='TableClas'>Petroleum Minister met Finance Minister P Chidambaram early Tuesday to discuss the relief package for the three oil marketing companies 

Govt mulls cess on income tax

More From This Section

Steel policy on cards to iron out woes

ED slaps Rs 99-cr penalty on IPL team Rajasthan Royals

Rlys cuts spending on metro projects

Budget won't be the sole ratings driver, says Fitch

Explore News