NEW DELHI / AGARTALA, Dec 29 (TIWN) : Consumers with a taxable income of more than Rs 10 lakh per annum will be stripped of the benefit of subsidy on LPG cylinders, the Centre said on Monday.

This would be applicable from the New Year and would be initially effected on a self-declaration basis, according to a statement issued by the ministry of petroleum and natural gas.

This has been initiated as the government felt that consumers in the high income bracket should buy cylinders at market price.

Of the 16.35 crore LPG consumers in the country, 57.5 lakh have voluntarily given up their subsidy as part of the 'GiveitUp' campaign, official statistics show.