"It is under consideration of the ministry," he said after attending a meeting of SEBI Board in New Delhi but declined to elaborate.
He refused to comment on whether the recommendations of the report would be incorporated in the budget for 2005-06. The committee went into the entire gamut of duties in the petroleum sector and submitted its report on January 6.
Indications are that the committee has proposed reduction in customs duty on crude from 10 to five per cent. The revenue loss as a result may be offset by increase in excise duty on petro-products.
The finance ministry, however, appears to be not in favour of specific duty structure as suggested by the petroleum ministry and prefers to continue with the present ad valorem duty.
It is not clear if the committee has recommended a shift from the present ad valorem duty structure.
