No LPG Subsidy For Those With Taxable Income Of More Than Rs 10 lakh

News Source: englishsamachar

Tax payers with annual income of more than Rs 10 lakh will not get subsidised cooking gas (LPG) from next month as the government on Monday decided to limit the supply of underpriced fuel to cut subsidies.

• This would be applicable from January 2016 onwards and would be initially implemented on a self-declaration basis.
• Of the 16.35 crore LPG consumers in the country, 57.5 lakh have voluntarily given up their subsidy as part of the ‘GiveitUp’ campaign.
• At present, all households are entitled to get 12 cylinders of 14.2-kg each at subsidised rate of Rs 419.26, while the market price is Rs 608.
• Currently, the subsidy for 12 cylinders in a year is paid directly in the bank account of consumers which they use to buy LPG at market rate.