Centre slashes windfall tax to Rs 3,250 per tonne
windfall tax on domestically produced crude oil to Rs 3,250 per tonne from Rs 5,200 per tonne.
The export duty on petrol diesel and aviation turbine fuel (ATF) will continue to be nil.
The new rates will be effective June 15, 2024, Central Board of Indirect Taxes and Customs ( CBIC) said in a late night notification Friday.
In its last revision on June 1, the centre had cut windfall tax on domestically produced crude oil to Rs 5,200 from 5,700.
The windfall tax peaked on April 16 revision when it was raised to Rs 9,600 per tonne from 6,800 rupees, after firming of crude oil prices in the international market.
India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax extraordinary profits of energy companies.
The rates are reviewed every fortnight based on international crude oil prices in the previous two weeks.
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