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Govt slashes windfall tax on locally produced oil, diesel exports
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IANS | 01 Dec, 2022
The Government on Thursday announced reduction in windfall tax on
locally produced oil, which has been brought down to Rs 4,900 per tonne.
In addition to this, it also cut export tax on diesel to Rs 6.5 per
litre.
These rates would come into effect from December 2, 2022.
Windfall
tax, which is also known as special additional excise duty, was brought
in by the government on July 1 this year to tax the industry on
extraordinary profits, which it earned through sale of refined crude in
global markets.
The government reviews this tax every fortnight.
Several
nations tax extraordinary profits of energy companies. When the
government had introduced windfall tax in July, export duty of Rs 6 per
litre each was levied on petrol and jet fuel. In addition to this,
export duty of Rs 13 per litre was also imposed on diesel.
Several
major oil companies were hit by this tax and some of them had urged the
government to withdraw it and rather adopt the dividend method to seek
accruals.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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