April 17, 2024 00:16 (IST)
Follow us:
No subidized LPG benefits for above Rs Ten lakh annual income group
New Delhi, Dec 28 (IBNS) The union government on Monday said that taxpayers with annual income of more than Rs 10 lakh will not get subsidised LPG cylinders.
"While many consumers have given up subsidy voluntarily, it is felt that consumers in the higher income bracket should get LPG cylinders at the market price. Therefore, the Government has decided that the benefit of the LPG subsidy will not be available for LPG consumers if the consumer or his/her spouse had taxable income of more than Rs 10,00,000/- during the previous financial year computed as per the Income Tax Act, 1961," said the government's ministry of petroleum and natural gas in a release.
In keeping with the approach of trusting the citizens, this will be given effect to initially on self-declaration basis while booking cylinders from January 2016 onwards,it said.
At present, there are 16.35 crore LPG consumers in the country.
With the implementation of the PAHAL Scheme (DBTL), the subsidy is being transferred directly to the Bank Account of 14.78 crore LPG Consumers.
The objective of the scheme was to ensure that the subsidy benefits go to the targeted group.
The Government had also given a call to the well-to-do households for voluntarily giving up LPG subsidy.
So far, 57.50 lakh LPG consumers have opted out of LPG subsidy voluntarily heeding the call given by the Prime Minister. The subsidy saved from the ‘GiveitUp’ campaign is being utilized for providing new connections to the BPL families under the ‘Giveback’ campaign. This enables provision of LPG, a clean fuel, to poor households by replacing the conventional fuels such as kerosene, coal, fuel wood, cow dung, etc. relieving the poor of the hardships and health hazards from such fuels.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
Latest Headlines
Zee withdraws application for execution of merger with Sony Wed, Apr 17 2024
IMF raises India's FY25 GDP growth forecast by 30 bps to 6.8% Tue, Apr 16 2024
RBI conducts 2-day VRRR auctions as liquidity in banking system nears Rs 1 trillion Tue, Apr 16 2024
Jio Financial Services enters into JV with US-based BlackRock for wealth management and broking biz Tue, Apr 16 2024
Apple in talks with Murugappa Group and Tata's Titan to make camera modules for iPhone in India: Report Tue, Apr 16 2024
Motorola Solutions unveils new Experience Centre in Gurugram Tue, Apr 16 2024
Mahindra launches Bolero Neo Plus, check out the price now Tue, Apr 16 2024