The Government has surprised our countrymen on this new year.But this has come as a rude shock for our decent taxpayer’s.Cause of their hackles being their beloved LPG subsidy. According to the press release by Ministry of Petroleum and Natural Gas all the well-to-do households will no longer be eligible to LPG Subsidy from January.This will specifically impact those consumers who or whose spouses earned more than 10,00.000 lakhs of taxable income in the previous financial year computed as per Income Tax Act,1961.
Currently, there are 16.35 LPG consumers are registered with the three distributing companies Indian Oil, Hindustan Petroleum and Bharat Petroleum.Out of which around 57.5 Lakh consumers have voluntarily opted out of the scheme under “GiveItUp” campaign.This is a nationwide campaign started on 27 March when our PM made a nationwide appeal.Essentially, this decision is going to affect at least 60 lakh people who earned more that 10 lakh as per Income Tax Department’s statistics.
Presently, a household is entitled to receive average subsidy of Rs 200/cylinder to buy up to 12 cylinders of 14.2-kg each every year.This might sound insignificant.However, this led to 40,951 crores payout in 2013-14 Union Budget. But, With the new regulation in place this could save 113 crores .The money saved would be used in many development activities like providing free LPG connection to BPL families,which inturn would lead to emission of cleaner fuel in environment
Thus, this regulation would help in channelizing the precious resources of our country in more productive activities So, hassled taxpayer need not worry because your small contribution will be a big step toward nation building.!
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