Authorities will increase windfall taxes on crude oil, cuts duties on diesel, ATF

Business Standard

The Indian authorities has elevated windfall taxes on crude oil, whereas lowering them on aviation turbine gasoline and diesel, based on a authorities notification on Friday.

The windfall tax on crude oil can be raised to 12,100 rupees ($145.65) per ton from 10,000 rupees ($120.37) efficient September 30.

The tax on aviation turbine gasoline has been lowered to Rs 2.50 per liter from Rs 3.50 per litre, whereas on diesel to Rs 5 per liter from Rs 5.50.

On September 16, the federal government raised the windfall tax on crude oil to Rs 10,000 per tonne from Rs 6,700.

India imposed an sudden tax on crude oil producers in July final yr and prolonged the tax on exports of gasoline, diesel and jet gasoline after personal refiners needed to make positive factors from sturdy refining margins in overseas markets, moderately than promoting at house.

First revealed: September 29, 2023 | 11:09 pm he

(tags for translation) Crude oil

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