Govt hikes windfall profit tax on export of diesel, ATF; raises tax on domestic crude oil
- The levy on domestically produced crude oil too has been increased by ₹ 3,000 per tonne to ₹ 11,000.
- The government raised the windfall profit tax on the export of diesel to ₹ 12 per litre from ₹ 5 a litre.
Indiafirst imposed windfall profit taxes on July 1.
The government on Saturday hiked the windfall profit tax on the export of diesel to ₹ 12 per litre and that on jet fuel exports to ₹ 3.50 a litre with effect from October 16.
The levy on domestically produced crude oil too has been increased by ₹ 3,000 per tonne to ₹ 11,000.
After lowering the tax rates for two consecutive fortnights mirroring fall in global crude prices, the
At the seventh fortnightly review, the government raised the windfall profit tax on the export of diesel to ₹ 12 per litre from ₹ 5 a litre, and brought back the levy on ATF (Aviation Turbine Fuel) exports at ₹ 3.50 per litre, from nil, finance ministry said in a notification.
While private refiners
India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. But international oil prices have cooled since then, eroding the profit margins of both oil producers and refiners.
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