Stocks

Windfall tax on crude cut to Rs 9,500/T, export duty raised on diesel & ATF

The Centre today slashed the windfall tax on export of locally produced crude oil to Rs 9,500 per tonne from Rs 11,000 per tonne.

However, windfall tax on exports of aviation fuel has been increased to Rs 5 per litre from Rs 3.50 per litre while on disel it has been hiked to Rs 13/litre from Rs 12/litre.

According to the govt, the changes in the windfall tax on oil products will be applicable from November 2.

The government has maintained that the levy was introduced in view of the windfall gains made by the domestic crude producers and refiners due to high global crude and product prices.

The government had said it will review the windfall levy on locally produced crude oil every fortnight.

The levy was expected to compensate for the reduction in the excise duty on petrol and diesel to provide relief to consumers. But the reduction in the windfall cess from the initial levels is expected to reduce the realisation for the government.

Private refiners and Rosneft-based Nayara Energy are the primary exporters of fuels like diesel and ATF. The windfall levy on domestic crude aims producers such as state-run () and , PTI said.


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