Windfall tax on domestic crude raised
Windfall tax raised again
The government reimposed the windfall tax on domestic crude oil at ₹6,400 per tonne and removed the export duty on diesel. The decision was taken on Tuesday. The duty exemption for petrol and aviation fuel will continue. In the last revision the Centre had reduced the windfall profit tax on domestically produced petrol to nil while it has halved tax on the export of diesel to ₹0.50 per litre. The rates come into from April 19, according to a notification issued by the Central Board of Indirect Taxes and Customs.
In the last revision the government had cut the tax on the export of diesel to ₹0.50 per litre from ₹1.
The latest revision comes on the back of rise in oil prices, which have climbed following cut in production by Opec plus.
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