Government Cuts Windfall Tax On Crude, Hikes Levy On Diesel, ATF
The Ministry of Finance has reduced the windfall tax on domestically produced crude while increasing it on diesel and aviation turbine fuel.
The windfall tax on crude oil will be cut from Rs 7,100 per tonne to Rs 6,700 per tonne, according to a gazette notification issued on Friday.
It has hiked the levy on diesel from Rs 5.50 per litre to Rs 6 per litre and from Rs 2 per litre to Rs 4 per litre on ATF.
The new tax rates will take effect on Sept. 2, the notification said.
India first imposed windfall profit taxes on July 1 last year, joining a growing number of nations that tax the supernormal profits of energy companies.
At the time, export duties of Rs 6 per litre, or $12 per barrel, were levied on petrol and ATF and Rs 13 per litre, or $26 per barrel, on diesel.
A windfall profit tax of Rs 23,250 per tonne, or $40 per barrel, on domestic crude production was also levied.
The export tax on petrol was scrapped in the very first review, and that on aviation turbine fuel was done away with on March 4.
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