NEW DELHI: Centre has marginally raised the windfall tax on regionally produced crude oil to ₹4,400 per tonne.
For the previous two weeks, the windfall tax stood at ₹4,350 per tonne.
The finance ministry has, nonetheless, scrapped the export obligation on aviation turbine gas (ATF). The export obligation on diesel has been lowered to ₹0.5 per litre. The taxes are reviewed each fortnight.
Crude oil pumped out of the bottom and from under the seabed is refined and transformed into fuels akin to petrol, diesel and ATF.
The windfall revenue tax was imposed final 12 months after crude oil costs soared within the aftermath of the Russia-Ukraine warfare, fetching massive earnings for oil producers. The federal government opinions the tax charges each fortnight to calibrate the tax mop-up.
Based on officers, the tax price absorbs solely part of the additional earnings that the businesses earn in world markets throughout a interval of excessive costs.
Income secretary Sanjay Malhotra had informed 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 to crude oil and merchandise provided that there’s a windfall revenue.
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Supply: Live Mint