Centre Hikes Windfall Tax On Domestic Crude Oil, Cuts Duty On Diesel And ATF
The Central government on Friday (16 September) revised the windfall tax on domestically produced crude oil, raising it to Rs 10,000 per tonne from the previous rate of Rs 6,700 per tonne.
Further, the government has reduced the export duty on diesel from Rs 6 to Rs 5.50 per litre.
Similarly, the duty on Aviation Turbine Fuel (ATF) has been decreased to Rs 3.50 per litre from its earlier rate of Rs 4 per litre. These revised rates will be applicable from 16 September i.e. today.
The export duty on petrol will continue to remain nil, Economic Times reported.
Previously, on September 2, the Centre had slightly reduced the windfall tax on domestically produced crude petroleum, setting it at Rs 6,700 per tonne from Rs 7,100 per tonne.
Earlier on 1 July 2022, the government had imposed an export duty of Rs 6 per litre on both petrol and ATF, along with a duty of Rs 13 per litre on diesel exports.
A windfall tax of Rs 23,250 per tonne was imposed on the sale of domestic crude.
Since then, the government has been periodically reviewing these levies every two weeks, taking into consideration the fluctuating global crude oil prices.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.