News Brief
Government Reduces Windfall Tax On Domestic Crude, Diesel, And ATF Exports, Fuels Optimism In Key Sectors
This tax reduction is anticipated to have a favorable impact on the petroleum industry, aviation, and diesel exports.
In a significant move the union government has decided to reduce taxes on some critical items, such as petroleum products and diesel.
Starting from 18 October, the special additional excise duty on crude petroleum has been brought down to Rs 9,050 per tonne, down from the previous Rs 12,100 per tonne, as reported by MoneyControl.
This adjustment comes shortly after the government had raised the windfall tax on crude petroleum to Rs 12,100 per tonne on 30 September.
The government has also lightened the tax burden on the export of diesel. The tax on diesel exports has been trimmed to Rs 4 per litre, down from the earlier Rs 5 per litre.
Moreover, the duty on aviation turbine fuel has been reduced to Rs 1 per litre, a significant drop from the previous rate of Rs 2.5 per litre.
These changes follow the government's introduction of windfall profit taxes in July 2022.
This tax reduction is anticipated to have a favorable impact on the petroleum industry, aviation, and diesel exports. It is expected to help make these markets more flexible and competitive, aligning with the evolving global energy landscape.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
