Explorer

Govt Cuts Windfall Tax On Crude, Export Taxes On Aviation Turbine Fuel And Diesel

The government in the first week of January raised windfall profit tax levied on domestically produced crude oil as well as on the export of diesel and ATF in line with firming international oil prices

The government has cut its windfall tax on crude oil and exports of aviation turbine fuel (ATF) and diesel, according to a notification on Monday. It cut its windfall tax on crude to Rs 1,900 ($23.28) per tonne from Rs 2,100 per tonne, effective Tuesday.

The Centre also cut export tax on ATF to Rs 3.5 per litre from Rs 4.5 per litre, and cut export tax on diesel to Rs 5 per litre from Rs 6.5 per litre, the notification said.

India, a major consumer and importer of oil, has been buying Russian crude at well below a $60 price cap agreed by the West. India in July imposed the windfall tax on crude oil producers and levies on exports of gasoline, diesel and aviation fuel after private refiners sought overseas markets to gain from robust refining margins, instead of selling more cheaply at home.

The government in the first week of January raised windfall profit tax levied on domestically produced crude oil as well as on the export of diesel and aviation turbine (ATF) in line with firming global oil prices.

The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been increased to Rs 2,100 per tonne from Rs 1,700 per tonne, the order dated January 2, said.

Crude oil pumped out of the ground and from below the seabed is refined and converted into fuel like petrol, diesel and aviation turbine fuel (ATF). The government has also raised the tax on the export of diesel to Rs 6.5 per litre, from Rs 5 and the same on overseas shipments of ATF to Rs 4.5 a litre, from Rs 1.5 a litre. The new tax rates are effective from January 3.

Tax rates were cut at the last fortnightly review on December 16, following a decline in global crude oil prices. International oil prices have since then firmed up, necessitating the raising of windfall tax.

View More
Advertisement

IPL Auction 2025

Most Expensive Players In The Squad
Virat Kohli
₹21 CR
Josh Hazlewood
₹12.50 CR
Phil Salt
₹11.50 CR
View all
Most Expensive Players In The Squad
Rishabh Pant
₹27 CR
Nicholas Pooran
₹21 CR
Ravi Bishnoi
₹11 CR
View all
Most Expensive Players In The Squad
Jasprit Bumrah
₹18 CR
Suryakumar Yadav
₹16.35 CR
Hardik Pandya
₹16.35 CR
View all
Most Expensive Players In The Squad
Heinrich Klaasen
₹23 CR
Pat Cummins
₹18 CR
Abhishek Sharma
₹14 CR
View all
Most Expensive Players In The Squad
Ruturaj Gaikwad
₹18 CR
Ravindra Jadeja
₹18 CR
Matheesha Pathirana
₹13 CR
View all
Most Expensive Players In The Squad
Shreyas Iyer
₹26.75 CR
Arshdeep Singh
₹18 CR
Yuzvendra Chahal
₹18 CR
View all
Most Expensive Players In The Squad
Sanju Samson
₹18 CR
Yashaswi Jaiswal
₹18 CR
Riyan Parag
₹14 CR
View all
Most Expensive Players In The Squad
Venkatesh Iyer
₹23.75 CR
Rinku Singh
₹13 CR
Varun Chakaravarthy
₹12 CR
View all
Most Expensive Players In The Squad
Rashid Khan
₹18 CR
Shubman Gill
₹16.50 CR
Jos Buttler
₹15.75 CR
View all
Most Expensive Players In The Squad
Axar Patel
₹16.50 CR
KL Rahul
₹14 CR
Kuldeep Yadav
₹13.25 CR
View all
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

Sambhal Mosque Survey: SC Halts Trial Court Proceedings, Orders Survey Report To Be Sealed
Sambhal Mosque Survey: SC Halts Trial Court Proceedings, Orders Survey Report To Be Sealed
Day After Explosion, Delhi School In Same Area Receives Bomb Threat
Day After Explosion, Delhi School In Same Area Receives Bomb Threat
'We Are Becoming A Laughing Stock': Dhankhar Adjourns Rajya Sabha Over Demands To Discuss Manipur, Bangladesh
'We Are Becoming A Laughing Stock': Dhankhar Adjourns Rajya Sabha Over Demands To Discuss Manipur, B'Desh
ED Raids Raj Kundra's House And Office In Connection With Porn Racket Case
ED Raids Raj Kundra's House And Office In Connection With Porn Racket Case
Advertisement
ABP Premium

Videos

Breaking News: Controversy Erupts Over Claim of Temple Inside Ajmer Dargah in RajasthanBreaking News: ED Team Attacked in Delhi's Bijwasan Area | ABP NewsSambhal Mosque Clash: Tightened Security Ahead of Namaz Following Violence | ABP NewsShocking Video from Sambhal Mosque Clash Day Will Leave You Stunned | ABP News

Photo Gallery

Embed widget