Will study cut on biofuel VAT

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Follow us:WhatsappFacebookTwitterTelegram.cls-1{fill:#4d4d4d;}.cls-2{fill:#fff;}Google NewsChief Minister Jagadish Shettar on Friday announced that efforts would be made to consider the demand of reducing Value Added Tax on Biodiesel from 14 per cent to five per cent as proposed by the Karnataka State Biofuel Development Board (KSBDB).Inaugurating the threeday biofuel mela at Karnataka Chitrakala Parishat here to mark International Biodiesel Day, Shettar also announced that the first biofuel petrol station would be opened near Hassan in tie up with Bharat Petroleum Corporation Limited.“There isn’t enough awareness about the importance of biofuel. The board should take all efforts to encourage farmers to grow pongamia, jatropa and neem to help them reap the benefit during the drought days,” he said.Currently it is estimated that around 70 per cent of India’s crude oil requirement is imported and is expected to increase to 90 per cent by 2030.In this regard, National Biofuel Policy has mandated that 20 per cent of all diesel and petrol demand to be met by using plantbased rather than fossilbased diesel by 2017.Also, from Friday vehicles attached to the offices of the Hassan Zilla Panchayat and other government departments would run on biodiesel produced at the Biofuel Park located at Madenur near Hassan.Y B Ramakrishna, executive chairperson of KSBDB, said the Board aimed to sow 12 crore seedlings of biofuel yielding plants in three lakh hectares by 2017 and has identified 130 species of region- specific, non-edible oilyielding species.Karnataka has set a target to achieve 10 per cent blending of biofuel by 2017. Deputy Chief Minister and Minister for Home and Transport R Ashoka noted that, over 2,000 buses are running on B-20 biodiesel blend and 7.7 per cent blending of Ethanol saving up to Rs 12 crore per month for the department.first published:January 01, 1970, 05:30 ISTlast updated:January 01, 1970, 05:30 IST
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Chief Minister Jagadish Shettar on Friday announced that efforts would be made to consider the demand of reducing Value Added Tax on Biodiesel from 14 per cent to five per cent as proposed by the Karnataka State Biofuel Development Board (KSBDB).

Inaugurating the threeday biofuel mela at Karnataka Chitrakala Parishat here to mark International Biodiesel Day, Shettar also announced that the first biofuel petrol station would be opened near Hassan in tie up with Bharat Petroleum Corporation Limited.

“There isn’t enough awareness about the importance of biofuel. The board should take all efforts to encourage farmers to grow pongamia, jatropa and neem to help them reap the benefit during the drought days,” he said.

Currently it is estimated that around 70 per cent of India’s crude oil requirement is imported and is expected to increase to 90 per cent by 2030.

In this regard, National Biofuel Policy has mandated that 20 per cent of all diesel and petrol demand to be met by using plantbased rather than fossilbased diesel by 2017.

Also, from Friday vehicles attached to the offices of the Hassan Zilla Panchayat and other government departments would run on biodiesel produced at the Biofuel Park located at Madenur near Hassan.

Y B Ramakrishna, executive chairperson of KSBDB, said the Board aimed to sow 12 crore seedlings of biofuel yielding plants in three lakh hectares by 2017 and has identified 130 species of region- specific, non-edible oilyielding species.

Karnataka has set a target to achieve 10 per cent blending of biofuel by 2017. Deputy Chief Minister and Minister for Home and Transport R Ashoka noted that, over 2,000 buses are running on B-20 biodiesel blend and 7.7 per cent blending of Ethanol saving up to Rs 12 crore per month for the department.