India slashes windfall tax on crude oil production to Rs 3,500 per tonne

Windfall Tax On Diesel Export Hiked, Levy On Domestically Produced Crude Oil Reduced

The government raised the tax on export of diesel to Re 1 per litre from Rs 0.50, and the same on overseas shipments of ATF remains at nil.

Windfall tax on crude oil slashed to Rs 3,500/tonne, duty on diesel hiked

Petrol and Aviation Turbine Fuel (ATF) have been exempted from the export levy

India slashes windfall tax on crude oil production to Rs 3,500 per tonne

It also marginally increased export duty on diesel to Rs one per litre from Rs 0.50 while keeping both petrol and Aviation Turbine Fuel (ATF) exempted from the export levy. The new rate will be effective from March 21.

Centre cuts windfall tax on crude oil to ₹3,500/tonne; export duty on diesel hiked

According to a notification by the Ministry of Petroleum and Natural Gas, the export duty on diesel has been hiked to ₹1 per litre from ₹0.50 per litre.

Windfall Tax On Diesel Export Hiked To Rs 1 Per Litre

The government has hiked the windfall profit tax on exports of diesel to Rs 1 per litre, while the levy on domestically produced crude oil has been cut by a fifth, according to an official order.The levy on crude oil produced by companies such as Oil and Natural Gas Corporation has been reduced to Rs 3,500 per tonne from Rs 4,400 per tonne, the order dated March 20 said.The government raised the tax on exports of diesel to Rs 1 per litre from Rs…

Windfall Gains Tax On Domestic Crude Oil Production Slashed To Rs 3,500 Per Tonne

The Centre has slashed windfall gains tax on domestic production of crude petroleum to Rs 3,500 per tonne from Rs 4400 per tonne, according to a ministry of finance notification on Monday. While the export duty on diesel has been marginally raised to Rs 1 per litre from Rs 0.50, the export levy on both petrol and Aviation Turbine Fuel (ATF) continues to be nil. The new rate will be effective from Tuesday onwards, reported the publication Economi…