Government May Look at Reimposing 5% Customs Duty on Crude Oil

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Government May Look at Reimposing 5% Customs Duty on Crude OilGold Silver Reports ~ With international oil prices slumping to 12-year low, the government may look at reimposing 5% customs duty on crude oil imports to shore up revenue by close to Rs 18,000 crore.

The Government had cut customs duty on crude oil imports to zero from 5% in June 2011 when rates zoomed to over $100 per barrel. But with oil prices hovering at $30 a barrel now, the duty may be back, official sources said.

As the government looks to shore up its revenue without hurting economic growth, reimposing import duty on crude oil presents a viable alternative the Budget 2016-17 to be presented on February 29, the sources said.- PTI