India hikes windfall tax on petroleum crude to Rs 9,800/tonne
windfall tax on domestically produced petroleum crude to Rs 9,800 per tonne from Rs 9,050 per tonne from Nov. 1, according to a government notification.
The windfall tax on aviation turbine fuel has been cut to nil from Re 1 per litre, the notification said.
The government has also reduced the windfall tax on diesel to RS 2/litre from Rs 4/litre.
The Indian government first imposed windfall profit taxes on July 1, 2022. It first first imposed the windfall tax on crude oil producers and later extended the levy on exports of gasoline, diesel and aviation fuel after refiners started making gains from robust refining margins in overseas markets, instead of selling at home.
The special additional excise duty rates are reviewed every fortnight based on average oil prices in the previous two weeks.
