Government Cuts Windfall Tax On Fuel Exports Increases Duty On Domestic Crude
The central government has cut windfall tax or windfall tax on diesel and ATF (jet fuel) last night in view of the softening of the prices of petroleum products in the international market.
The central government has cut windfall tax or windfall tax on diesel and ATF (jet fuel) last night in view of the softening of the prices of petroleum products in the international market. However, the duty on domestically produced crude oil (crude oil) has been increased. In the notification issued by the government last night, new rates of winda fall tax on crude, diesel and, ATF have been given. This new order has come into effect from today i.e. Wednesday, August 3.
Know how much tax on diesel, ATF and petrol
According to an official notification, the tax on the export of diesel has been reduced from Rs 11 to Rs 5 per liter, while the tax on ATF or jet fuel, which was being taxed at Rs 4 per liter, has now been decided to end it. Similarly, zero tax on the export of petrol will continue.
increased tax on crude oil
According to the notification, the tax on domestically produced crude oil has been increased from Rs 17,000 per tonne to Rs 17,750 per tonne. While the refinery companies have gotten relief due to the decision taken yesterday, there has also been a setback. In this way, this decision can prove to be mixed for them. This move could impact oil producers like ONGC and Vedanta Ltd.
This tax was imposed for the first time on July 1
India imposed unexpected tax benefits for the first time on July 1. With this, he joined the countries that tax the profits of energy companies. However, since then, oil prices in the international market have started falling, resulting in a reduction in profits for both oil producers and refineries.