Ouestion-collect the news reports published on 'fuel' and 'petroleum'. Cut these reports ana make the collage from it
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Oil and Fuel are huge revenue producing industries.
- Oil and fuel demand in India is rising and by 2045, the demand will increase upto two times.
- These products do not come under GST because the revenue obtained from this industry is high and is useful for both State and Central government.
- The taxes under these products are excise and VAT or value added tax.
- India aims to commercialise 50% of petroleum reserve. This will enable to raise funds and build additional tanks for oil and fuel.
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