New Delhi: The Union government has hiked the windfall tax on locally produced crude oil. The tax is increased to Rs 12,100 per tonne from Rs 10,000 per tonne.
The levy on diesel has been slashed from Rs 5.5 per litre to Rs 5 per litre. The levy on aviation turbine fuel has been decreased and from Rs 3.5 per litre to Rs 2.5 per litre. The revised levies would come into effect on 30 September.
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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.
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).
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