M A I N   N E W S

No proposal to levy cess

New Delhi, May 28
The finance ministry today said reports about certain new tax proposals to offset oil marketing companies' under-recoveries due to rising global crude prices are totally "baseless" and "speculative" in nature.

"Attention of the ministry of finance has been drawn to the reports appearing in a section of media following a routine meeting between the minister of petroleum and natural gas and the finance minister. The reports are largely speculative and in particular, reports about certain new tax proposals are totally baseless," an official statement said. — PTI