According to the Rudra Investment Free Commodity Tips Provider, Subsidized LPG cylinders increased by 1.76 rupees on Tuesday. It will be priced at Rs 498.02 per cylinder from 12 o'clock in Delhi on Tuesday night. Indian Oil business announces this increase by issuing a statement. Changes in the base price and tax effect on it have increased.
It is to be noted that LPG cylinders are priced in accordance with the average international standard rate of LPG and foreign currency exchange rate, on which basis the financial support amount changes every month. In such a situation, when the international price increases, the government gives more subsidy, but according to the tax rules, the sum of goods and services tax (GST) on LPG is decided only at the market price of fuel. In such a situation, the government can give a portion of fuel price as a subsidy, but the tax is to be paid at the market rate.
This has led to the effect of tax calculation on LPG, which has increased its prices. The subsidized LPG cylinder will be priced at Rs 498.02 in Delhi on Tuesday midnight, which is now Rs 496.26 per cylinder. Significantly, all customers have to buy LPG cylinders at market price. However, the government subsidizes 12 cylinders of 14.2 kg in a year, in which the amount of subsidy goes directly to the consumer's bank account. Earlier, on July 1, the LPG had become expensive for about three and a half rupees.
Oil companies change the base price of LPG on the first date of every month. The impact of global price hike on LPG cylinders was also without subsidy. Its price in Delhi has gone up to Rs. 35.50 per cylinder to Rs. 789.50 per cylinder. In July, its price increased by Rs 55.50 per cylinder.
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