(a) whether the Government propose to get reviewed the present price policy of petroleum products by Industrial Costs and Prices Bureau under the Ministry of Finance;
(b) if not, the reasons therefor;
(c) whether oil companies have to pay corporate tax of more than two thousand one hundred fifty five crore rupees due to the existing wrong policy; and
(d) if so, the remedial steps taken by the Government in this regard so far?
MINISTER OF STATE IN THE MINISTRY OF PETROLEUM AND NATURAL GAS (SHRI SANTOSH KUMAR GANGWAR)
(a): No, Sir.
(b): Most of the petroleum products are deregulated/decontrolled and their prices are determined by market forces. .In case of controlled products, prices are used as a mechanism to subsidise and cross-subsidise the products.
(c): During the year 1997-98 and 1998-99, oil companies paid Rs.2119 crores and Rs.2483 crores respectively as corporate tax. Company-wise break-up of the corporate tax paid by various companies is at the annexure.
(d) : All companies including oil companies are required to pay corporate tax in terms of law of the land as passed by Parliament.
ANNEXURE
COMPANY-WISE DETAILS OF CORPORATE TAX (EXCLUSIVE DIVIDEND TAX)
(Rupees in Crores)
1998-99 1997-98
IOC 606 437 HPC 293 272 BPC 272 198 IBP 6 6 MRPL 2 4 MRL 40 7 CRL 113 77 OIL 121 80 ONGC 834 642 LIL 18 20 GAIL 175 370 BRPL 3 6
TOTAL 2483 2119