Government lowers windfall tax on domestic crude oil and gasoline exports

india domestic crude oil

After the price of oil fell globally on Wednesday, the government eliminated a three-week-old tax on the export of gasoline and reduced windfall taxes on the export of diesel and ATF as well as the tax imposed on domestically produced crude oil.

According to government announcements, the export tax on diesel and jet fuel (ATF) was reduced by Rs 2 per litre each to Rs 11 and Rs 4, respectively, while the Rs 6 per litre export tariff on gasoline was eliminated.

Additionally, the tax on domestic crude was reduced from Rs 23,250 per tonne to Rs 17,000 per tonne, which will help producers like ONGC and Vedanta Ltd. Additionally, the tariffs that went into effect on July 1 were waived for export shipments from refineries situated in export-focused ones.

The windfall tax review was anticipated following a significant decline in global oil prices, media had reported on July 13.

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