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regular-article-logo Saturday, 06 July 2024

Government hikes export taxes on crude, diesel and aviation turbine fuel

Finance ministry raises windfall profit tax on diesel to Rs 12 per litre from Rs 6.5 a litre and brought back the levy on ATF exports at Rs 3.50 per litre, from nil

PTI New Delhi Published 15.10.22, 07:25 PM
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The government on Saturday hiked the windfall profit tax on the export of diesel to Rs 12 per litre and that on jet fuel exports to Rs 3.50 a litre with effect from October 16.

The levy on domestically produced crude oil too has been increased by Rs 3,000 per tonne to Rs 11,000.

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After lowering the tax rates for two consecutive fortnights mirroring fall in global crude prices, the finance ministry has brought about a hike in export taxes on crude, diesel and ATF, in its latest review.

At the seventh fortnightly review, the government raised the windfall profit tax on the export of diesel to Rs 12 per litre from Rs 6.5 a litre, and brought back the levy on ATF (Aviation Turbine Fuel) exports at Rs 3.50 per litre, from nil, finance ministry said in a notification.

While private refiners Reliance Industries Ltd and Rosneft-based Nayara Energy are the principal exporters of fuels like diesel and ATF, the windfall levy on domestic crude targets producers like state-owned Oil and Natural Gas Corporation (ONGC) and Vedanta Ltd.

India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. But international oil prices have cooled since then, eroding the profit margins of both oil producers and refiners.tweeted.

BJP General Secretary (organisation) Ashok Koul also condemned the "barbaric" killing and offered his condolences to the family.

In a statement, he said that "these anti-national elements will never be successful. These things will not be tolerated anymore as these attacks are aimed to disturb the peace in the region."

Apni Party president Syed Mohammad Altaf Bukhari said, "Unequivocally condemn the attack on Pooran Krishan Bhat in Shopian. My heartfelt condolences to his family. This is a dastardly act of cowardice. May his soul rest in peace."

The Peoples Conference said there can never be a justification for attacks like these.

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