Windfall Tax: The government has cut Windfall Profit Tax on export of diesel to Rs 0.50 per litre. Along with this, the tax on aviation fuel i.e. ATF (ATF) has been reduced to zero. This information was given in an order issued by the government on Friday night. Along with this, it has also been decided to increase the duty levied on domestically produced crude oil.
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According to this order, the duty on crude oil production of oil producing companies like Oil and Natural Gas Corporation (ONGC) has been increased from Rs 4,350 per tonne to Rs 4,400 per tonne. The new rates have become effective from March 4. For the first time in July last year, the government imposed windfall profit tax on oil producing companies.
The government has also reduced the tax on export of diesel. After which the tax on export of diesel has come down from Rs 2.5 per liter to Rs 0.5 per litre. This is the minimum Windfall Tax levied on the export of diesel. Apart from this, the tax on exported aviation fuel has been reduced from Rs 1.50 per liter to zero.
This is the second consecutive time in a fortnight when tax has been cut on domestic fuels. Prior to this, the tax on fuels was also reduced on February 16, in fact, every fortnight these tax rates are reviewed and necessary amendments are made. The windfall profit tax rate changes based on the average price of crude oil for the last two weeks.
Let us tell you that crude oil extracted from land and sea is refined and converted into different fuels like petrol, diesel and air turbine fuel.
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