Centre cuts windfall tax on petroleum crude, diesel – ETCFO

India has cut the windfall tax on diesel and crude oil on Monday, according to a government notification.

The government cut the windfall tax on crude oil to Rs 1,300 ($15.64) a tonne from Rs 5,000 a tonne, while cutting the diesel windfall tax to Rs 0.5 per litre from Rs 1 per litre, the notification said.

The windfall tax on aviation turbine fuel has been hiked to 1 rupee/litre from zero.

India imposed a windfall tax on crude oil producers in July 2022 and extended the levy on exports of gasoline, diesel and aviation fuel as private refiners wanted to sell fuel overseas to make gains from robust refining margins instead of selling locally.

Published On Dec 19, 2023 at 08:57 AM IST

Most Read in Tax, Legal & Accounting

Join the community of 2M+ industry professionals
Subscribe to our newsletter to get latest insights & analysis.

Download ETCFO App

Get Realtime updates
Save your favourite articles

This article was originally published by a cfo.economictimes.indiatimes.com . Read the Original article here. .