The Government has hiked its windfall tax on petroleum crude. File
| Photo Credit: Reuters
The Government hiked its windfall tax on petroleum crude to ₹4,600 rupees a metric ton from ₹3,300 with impact from March 1, in line with a Government Order launched on February 29.
Also learn: Explained | What is windfall tax and why are nations imposing it on the power sector proper now?
India additionally minimize the windfall tax on diesel to zero from 1.50 per litre efficient March 1, the order confirmed. The tax on petrol and aviation turbine gasoline will proceed to be nil.
On Feb. 15, the Centre raised the windfall tax on petroleum crude to ₹3,300 a metric ton from ₹3,200 and hiked the tax on diesel to ₹1.5 a litre from zero. This was efficient from Feb. 16.
India imposed a windfall tax on crude oil producers from July 2022 and prolonged the levy on exports of gasoline, diesel and aviation gasoline, as non-public refiners wished to promote gasoline abroad to realize from strong refining margins as an alternative of promoting regionally. The authorities revises the tax fortnightly.
($1 = 82.8700 Indian rupees) (Reporting by Rishabh Jaiswal and Nikunj Ohri; modifying by Mark Heinrich, Kirsten Donovan)
