5 CRORE TRADERS CLOSED TODAY IN BHARAT BANDH
More than 5 crore business establishments across the Country observed Bharat Bandh today in response to a call given by political parties. As per an estimate Retail business worth 6000 crores of rupees effected resulting into a loss of about Rs. 800 crores from indirect taxes as revenue to the Government – said the Confederation of All India Traders (CAIT).
CAIT National President B.C. Bhartia and Secretary General Mr. Praveen Khandelwal strongly questioned the so called “loss theory” of the Oil Companies which has prompted them to raise the petrol prices. They argued that if such Oil Companies are in losses than how come they are paying dividend to their shareholders and heavy bonus to their employees.
While demanding a Public Audit of the accounts of Oil Companies, both Mr. Bhartia and Mr. Khandelwal said that Oil Companies are showing huge profits in their annual accounts, so where is the question of incurring losses.
When crude is processed there are number of items produced from crude. The Government should make people aware as to what all the items those processed from crude oil and what is the processed and sale prices of such items in the market. The govt should spell out the difference between the actual crude price, conversion value, tax component on Petrol and Diesel. Let there be transparency in the whole system-added the leaders.