IANS | 15 Aug, 2023
The government on Monday raised the windfall tax on
domestically-produced crude, diesel and aviation turbine fuel (ATF) or
jet fuel.
The windfall tax on crude oil will increase from Rs
4,250 to Rs 7,100 per tonne, according to a gazette notification issued
on Monday.
It has also increased the levy on diesel from Rs 1 to Rs 5.50 per litre and on jet fuel from nil to Rs 2 per litre.
The new rates will be applicable from August 15 onwards, the notification said.
India
had first imposed windfall profit taxes on July 1, 2022, joining a
growing number of nations that tax the supernormal profits of energy
companies.
The government revises windfall tax imposition on a fortnightly basis.
