The cemtral authorities has slashed particular extra excise obligation (SAED) on crude petroleum to Rs 9,050/tonne with impact from October 18. Within the final fortnightly evaluation on September 29, windfall tax on domestically produced crude oil was set at Rs 12,100/tonne, as PTI reported.
As well as, the windfall tax on the export of diesel has been decreased to Rs 4 per litre, from Rs 5 per litre. Additionally, the Centre reduce the obligation on aviation turbine gas (ATF) to Rs 1 per litre from Rs 2.5 per litre. SAED on petrol will proceed at nil.
The federal government had raised the windfall tax on petroleum crude to Rs 12,100 per tonne from Rs 10,000 per tonne on September 30.
India first imposed windfall revenue taxes on July 1, 2022. The Centre later prolonged the tax imposition on gasoline, diesel, and ATF exports after non-public refiners expressed curiosity in raking in earnings from the robust refining margins within the abroad markets, as an alternative of promoting within the home market.
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