Revision: Windfall Tax Cut Further, Export Duty on Diesel Halved, Slashed on ATF

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Revision: Windfall Tax Cut Further, Export Duty on Diesel Halved, Slashed on ATF
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The recently-introduced windfall taxes on gains produced by domestic refineries and oil producers have been revised by the Centre at its sixth fortnightly review.

As per a notification issued by the finance ministry, the windfall profit cess on domestically produced crude oil has been cut from Rs 10,500/tonne to Rs 8,000/tonne, starting Oct 2, while export duty on diesel and ATF have been revised too.

The Government has scrapped a levy of Rs 5/litre on the export of jet fuel and halved the duty on diesel to Rs 5/litre from Rs 10. Tax rates are reduced in line with easing crude oil prices in international markets.

On July 1, 2022, the Centre slapped export taxes on ATF, petrol and diesel, along with a windfall tax of Rs 23,230/tonne of crude oil produced domestically, given the gains reaped by oil companies due to elevated crude oil prices internationally.

Read Also: Centre Slashes Windfall Tax on Crude, Scraps Export Duty on Petrol: Here’s Why

Read Also: Centre Hikes Export Taxes on Fuel, Windfall Tax on Crude; Which OMCs Exempted?

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  • bhavin surati @bhavin surati
    Nothing for common people..... only oil company will earn money
    Like 1
  • Neelakantam Kotineni S @Neelakantam Kotineni S
    one side repo rate increased stating inflation, and other side one corporate sector is benefited this way...how it can be.
    Like 1
  • Pradip Rathod @Pradip Rathod
    banefit only for Ambani and adani ..... other public just go to ****...
    Like 1
  • Vamsi Krishna @Vamsi Krishna
    good for RIL
    Like 1
  • Vamsi Krishna @Vamsi Krishna
    good for RIL
    Like 1

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