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Centre Cuts Windfall Tax On Domestic Crude Oil, Marginally Hikes Diesel Exports
The tax was earlier levied at 4,400 per tonne. It also marginally hiked the tax on diesel meant for exports to `1 per litre from 0.5 per litre earlier while continuing the exemption on aviation turbine fuel and petrol exports
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In the latest fortnightly review, the centre has slashed the windfall tax on domestically produced crude oil to Rs 3,500 per tonne.
The tax was earlier levied at Rs 4,400 per tonne. It also marginally hiked the tax on diesel meant for exports to Rs 1 per litre from Rs 0.5 per litre earlier while continuing the exemption on aviation turbine fuel and petrol exports.
The Central Board of Indirect Taxes and Customs notified the new rates to be effective from Tuesday.
Amidst the global turmoil in banking systems, crude oil prices have been softening in recent weeks. According to data from the PPAC, the price of the Indian basket of crude oil was at USD 70.69 per barrel on March 20. It averaged at USD 80.02 per barrel in March, down from an average of USD 82.28 in February.
Earlier on March 4, the centre had marginally hiked the windfall tax on exports and reduced the diesel levy for exports.
It has further imposed special additional excise duty of Rs 23,250 per tonne on crude and export taxes on petrol, diesel and ATF at Rs 6 per litre, Rs 13 per litre and Rs 6 per litre, respectively from 1, July 2022. Subsequently removing the tax on petrol.