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New Delhi: According to an official statement by the Finance Ministry, India has reduced the incidental tax on crude oil exports from Rs 11,000 to Rs 9,500 per tonne.

The windfall tax on aviation turbine fuel (ATF) exports has increased from Rs 3.50 per liter to Rs 5, while on diesel it has increased from Rs 12 per liter to Rs 13. Windfall tax is levied on unexpected or unanticipated significant gains.

The change in the tax structure will be announced with an announcement that takes effect immediately.

According to the official announcement made in connection with the earlier introduction of windfall profits taxes, it has been seen that some refiners are drying their pumps in the domestic market as exports become more and more profitable.

The government introduced the windfall tax for the first time on July 1.

Availability of petroleum products

The government then said it would ensure domestic availability of petroleum products, but it would have no effect on the domestic retail prices of petrol and diesel.

To recall, the Center had first imposed a price of Rs 23,250 per tonne on crude oil, taking into account the windfall profits of domestic oil producers due to the rise in global crude oil prices in recent months.



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