New Delhi: The central authorities has lowered the windfall revenue tax levied on crude, diesel and jet gas as oil costs softened in world markets, confirmed two official orders.
The lowered charges are relevant from Thursday. The tax levied within the type of particular further excise responsibility on crude oil has been lowered from ₹5,050 a tonne to ₹4,350 a tonne, confirmed one of many orders.
Within the case of export of jet gas, the particular further excise responsibility has been lowered sharply from ₹6 a litre to ₹1.5 a litre, confirmed the order issued by the Central Board of Oblique Taxes and Customs (CBIC).
The oblique tax authority additionally lowered the particular further excise responsibility on export of diesel from ₹6 per litre to ₹1 per litre. Petrol continues to be out of the windfall tax, confirmed the orders.
Windfall revenue tax was imposed final 12 months after crude oil costs soared within the aftermath of the Russia-Ukraine struggle, fetching massive income for oil producers. The federal government critiques the tax charges each fortnight to calibrate the tax mop up. In keeping with officers, the tax fee absorbs solely part of the additional income that the businesses earn in world markets throughout a interval of excessive costs.
Income secretary Sanjay Malhotra had instructed Mint in a post-budget interview on 4 February that the federal government estimates round ₹25,000 crore of income receipts within the present fiscal from the windfall revenue tax. Malhotra additionally stated then that within the case of petrol, it has already been eliminated and the levy will apply on crude oil and merchandise provided that there’s a windfall revenue.
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Supply: Live Mint