Centre hikes windfall revenue tax on export of diesel, ATF; raises tax on home crude oil

Finance Ministry hikes export taxes on crude, diesel and ATF after reducing tax charges for 2 consecutive fortnights mirroring fall in world crude costs

Finance Ministry hikes export taxes on crude, diesel and ATF after reducing tax charges for 2 consecutive fortnights mirroring fall in world crude costs

The federal government on Saturday hiked the windfall revenue tax on the export of diesel to ₹12 per litre and that on jet gas exports to ₹3.50 a litre with impact from October 16.

The levy on domestically produced crude oil too has been elevated by ₹3,000 per tonne to ₹11,000.

After reducing the tax charges for 2 consecutive fortnights mirroring fall in world crude costs, the Finance Ministry has led to a hike in export taxes on crude, diesel and ATF, in its newest evaluate.

On the seventh fortnightly evaluate, the federal government raised the windfall revenue tax on the export of diesel to ₹12 per litre from ₹6.5 a litre, and introduced again the levy on ATF (Aviation Turbine Gasoline) exports at ₹3.50 per litre, from nil, Union Finance Ministry mentioned in a notification.

Whereas non-public refiners Reliance Industries Ltd. and Rosneft-based Nayara Vitality are the principal exporters of fuels like diesel and ATF, the windfall levy on home crude targets producers like State-owned Oil and Pure Fuel Company (ONGC) and Vedanta Ltd.

India first imposed windfall revenue taxes on July 1, becoming a member of a rising variety of nations that tax tremendous regular income of power firms. However worldwide oil costs have cooled since then, eroding the revenue margins of each oil producers and refiners.

By- The Hindu

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