Last Updated: May 02, 2023, 08:26 IST
Indian authorities has slashed windfall tax on domestically produced crude oil
The authorities left the windfall tax on petrol, diesel and aviation turbine gasoline at zero
India has minimize the windfall tax on petroleum crude to 4,100 rupees ($50.14) per tonne from 6,400 rupees per tonne, efficient from Tuesday, in keeping with a authorities notification.
The authorities left the windfall tax on petrol, diesel and aviation turbine gasoline at zero. The authorities revises tax charges fortnightly primarily based on oil worth fluctuations.
On April 4, India minimize the windfall tax on petroleum crude to zero from 3,500 rupees per tonne beforehand. The levy on crude was hiked to six,400 rupees per tonne on April 19.
India final July imposed the windfall tax on crude oil producers and prolonged the levy on exports of gasoline, diesel and aviation gasoline after personal refiners wished to make positive factors from sturdy refining margins in abroad markets, as a substitute of promoting at residence.
($1 = 81.77 Indian rupees)
Read all of the Latest Business News, Tax News and Stock Market Updates right here
(This story has not been edited by News18 employees and is printed from a syndicated information company feed)
