DH Latest NewsDH NEWSLatest NewsIndiaNEWS

Union government hikes windfall tax on domestic crude oil

New Delhi: The Union government has hiked the windfall tax on domestic crude oil. The windfall tax is increased to Rs 4,250 per tonne from Rs 1,600 per tonne. The new rate will be in force from today, August 1.

India is the world’s largest consumer and importer of crude oil. The Union government in July last year imposed the windfall tax on crude oil producers and levies on exports of petrol, diesel and aviation fuel. Windfall tax is levied as a special additional excise duty which is aimed at absorbing the super-profits earned by domestic crude oil producers due to high global crude, product prices. The Union government reviews the windfall tax and associated rates in a fortnightly manner.

Also Read: Commodity Market: Gold prices edge higher marginally 

Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel, and aviation turbine fuel (ATF).

shortlink

Post Your Comments


Back to top button