Windfall profit tax on crude oil cut; levy on diesel, ATF exports hiked
The Hindu
Govt cuts windfall profit tax on domestic crude oil, hikes levy on diesel, ATF exports. SAED on crude oil reduced to ₹6,700/tonne, diesel exports to ₹6/litre, ATF to ₹4/litre. Tax rates reviewed every fortnight based on avg oil prices. Windfall tax on crude oil if rates >$75/barrel, export duties if product cracks >$20/barrel. Int'l crude oil avg $86.43/barrel in Aug, levy on diesel, ATF brought back in Aug. Reliance, Nayara Energy primary fuel exporters in India.
The government has cut the windfall profit tax on crude oil produced in the country while the levy on exports of diesel and aviation turbine fuel (ATF) has been hiked, an official notification said.
The tax, levied in the form of special additional excise duty or SAED, on domestically produced crude oil was reduced to ₹6,700 per tonne from ₹7,100 a tonne.
SAED on the export of diesel was increased to ₹6 per litre from ₹5.50 a litre and on jet fuel or ATF to ₹4 per litre from ₹2, the notification said.
SAED on export of petrol will continue to be zero.
The new tax rates came into effect from Saturday, the order dated September 1, said.
India first imposed windfall profit taxes on July 1 last year, joining a growing number of nations that tax supernormal profits of energy companies. At that time, export duties of ₹6 per litre ($12 per barrel) each were levied on petrol and ATF and ₹13 a litre ($26 a barrel) on diesel.
A ₹23,250 per tonne ($40 per barrel) windfall profit tax on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) was also levied.
Sadaoui sparkles as Blasters end losing streak
Andhra Pradesh Sadhu Parishad president urges government to protect temple lands and appoint Hindu employees in temples.
Tamil Nadu leads in open access electricity consumers, buying power directly from private generators through power exchanges.
BJP counters Siddaramaiah's claims, stating election mandate not a "clean chit," alleging Congress corruption and broken promises.
West Bengal Governor embroiled in controversy over unveiling own statue, sparking criticism from political circles.
Increase in men opting for vasectomy in Coimbatore district due to awareness and higher family planning allowance.
Dozens killed in sectarian clashes in northwestern Pakistan, with ongoing violence prompting government intervention and community negotiations.
Celebrating 20 years of Sanghamitra Rural Development Society's impactful work in rural education and healthcare with community support.
Experience the iconic Kadalekai Parishe in Basavanagudi with more stalls, massive footfall, and a plastic-free environment this year.
Blood Donors Club of Madurai Medical College organized 'Uthiram 24' marathon to promote blood donation with 1,513 participants.
NDA government in A.P. neglecting students and education sector badly hit, alleges Jagan Mohan Reddy
YSR Congress Party (YSRCP) president Y.S. Jagan Mohan Reddy has criticised the National Democratic Alliance (NDA) government in Andhra Pradesh, accusing it of neglecting all sectors and not paying the fee reimbursement benefits to the students.