Reducing taxes is the best solution to check the spurt in fuel prices which would also tremendously help India on the exports front, industry body Assocham said today.
It will make India’s exports competitive, bring down current account deficit and we may also no longer see the rupee depreciating, Assocham Secretary General D S Rawat said in a statement released here.
The chamber further suggested to the Centre to bring oil products within the ambit of the Goods and Services Tax (GST) so that India’s fuel prices match international rates.
The prices then do not have to be administered by the government and people would treat oil as just another commodity which depends on international prices, Rawat added.
Higher oil prices significantly impact not just India’s economy but household budgets as well as it leads to increase in cost of transportation and therefore impacts a lot of other products in the inflation basket, he said. Read More
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