tax rate: Centre hikes windfall tax on locally produced crude


New Delhi: The Centre on Monday increased the windfall tax on domestically produced crude oil to ₹2,100 per tonne from the existing ₹1,700.The revised tax rate is effective from January 3.

The windfall tax on aviation turbine fuel has been hiked to ₹4.5 per litre from the existing ₹1.5 per litre, as per a notification issued by the Central Board of Indirect Taxes and Customs.

The windfall tax on high-speed diesel for exports has been reduced to ₹5 per litre, and along with the cess, it will be ₹7/litre.

In its last revision, the Centre had slashed windfall tax to ₹1,700 per tonne from ₹4,900 per tonne.

The special additional excise duty on petrol continues to remain unchanged at ‘nil’.

India imposed the tax in July, joining nations that tax super normal profits of energy companies. The Centre had maintained that the levy was introduced in view of the windfall gains made by domestic crude producers and refiners due to high global crude and product prices. The tax rates are revised fortnightly. -Our Bureau



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