Last Updated: December 02, 2022, 09:34 IST
The particular further excise responsibility on petrol continues to stay nil and that on aviation gasoline ATF at Rs 5 a litre.
The tax on crude oil produced by corporations comparable to state-owned ONGC has been diminished to Rs 4,900 per tonne from the present Rs 10,200 per tonne
The authorities on Thursday slashed to lower than half the windfall revenue tax on domestically produced crude oil and in addition diminished the levy on diesel. The revised tax charges grow to be efficient from December 2, 2022.
The tax on crude oil produced by corporations comparable to state-owned Oil and Natural Gas Corporation (ONGC) has been diminished to Rs 4,900 per tonne from the present Rs 10,200 per tonne, as per a authorities notification issued on Thursday. In the fortnightly revision of windfall revenue tax, the federal government minimize the speed on export of diesel to Rs 8 per litre from Rs 10.5 per litre. The levy contains Rs 1.5 per litre as highway infrastructure cess.
The particular further excise responsibility on petrol continues to stay nil and that on aviation gasoline ATF at Rs 5 a litre. When the levy was first launched, a windfall tax on export of petrol alongside diesel and ATF (Aviation Turbine Fuel) too was levied. But the tax on petrol was scrapped in subsequent fortnightly opinions.
While windfall revenue tax is calculated by taking away any worth that producers are getting above a threshold, the levy on gasoline exports relies on cracks or margins that refiners earn on abroad shipments. These margins are primarily a distinction of worldwide oil worth realised and the associated fee.
India first imposed windfall revenue taxes on July 1, becoming a member of a rising quantity of nations that tax tremendous regular earnings of power firms. At that point, export duties of Rs 6 per litre (USD 12 per barrel) every had been levied on petrol and ATF and Rs 13 a litre (USD 26 a barrel) on diesel. A Rs 23,250 per tonne (USD 40 per barrel) windfall revenue tax on home crude manufacturing was additionally levied.
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