Windfall Tax Hike Latest Update: The new tax rates will come into effect from March 21.
New Delhi:
Windfall Tax Hike: The government increased Windfall Profit Tax on export of diesel to Re 1 per litre. While the tax has been cut on domestically produced crude oil. This information was given in an order issued by the government on March 20. The government said that the new tax rates will come into effect from March 21.
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It was told by the government that the duty on crude oil production of oil producing companies like Oil and Natural Gas Corporation (ONGC) has been reduced from Rs 4,400 per tonne to Rs 3,500 per tonne. Diesel export tax has been increased from Rs 0.50 per liter to Re 1 per litre. There is no change in the tax on aviation fuel i.e. ATF (ATF) and it remains zero.
Let us tell you that crude oil extracted from land and sea is refined and converted into different fuels like petrol, diesel and air turbine fuel.
Earlier on March 4, the government had reduced the tax on aviation fuel ATF by Rs 0.50 per liter while reducing windfall profit tax on diesel exports.
For the first time in July last year, the government imposed Windfall Profit Tax on Oil Producer Companies.