The central government on Tuesday hiked the windfall tax on crude petroleum producers by 4.41 per cent, scrapped the Rs 4 per liter levy on aviation turbine fuel (ATF) exports, and cut the cess on diesel exports to Rs 11 per litre. It has been reduced from Rs.5 to Rs. A liter
The central government has increased the windfall tax on the sale of locally produced crude oil to Rs 17,750 per tonne. For the past two weeks, an additional duty of Rs 17,000 per tonne has been levied on the sale of crude oil produced in India.
The levy, which aims to rein in profits for domestic oil producers who sell their output at international par prices even to domestic refineries, was Rs 23,250 per tonne between July 1 and July 19.
Export of petrol will continue without levying windfall tax. The new prices will be effective from midnight on August 2.
On July 1, the Center imposed Rs 6 per liter export duty on petrol and ATF and Rs 13 per liter on diesel exports. A windfall tax of Rs 23,250 per tonne was levied on the sale of domestic crude.
Taxes were first reviewed on July 20, with the abolition of Rs 6 per liter duty on petrol exports and reduction of Rs 11 and Rs 4 taxes on diesel and jet fuel (ATF) exports, respectively. went.
On July 20, the tax on domestically produced crude oil was also reduced to Rs 17,000 per tonne.
Revenue Secretary Tarun Bajaj had said after the tax was implemented on July 1 that it would be reviewed every 15 days based on foreign exchange rates and global crude oil prices, among other factors.
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