The Union government has hiked windfall tax on domestically produced crude oil to Rs 6,000 per tonne from Rs 3,250 per tonne. Export duty on petrol and diesel, and aviation turbine fuel (ATF) will continue to be nil.
The new rates are effective Tuesday Central Board of Indirect Taxes and Customs (CBIC) said in a notification late Monday. In its last revision on June 15, the Union government has cut windfall tax to Rs 3,250 per tonne from Rs 5,200 per tonne.
Windfall tax peaked on April 16 when it was raised to Rs 9,600 per tonne from Rs 6,800 per tonne amid firming global crude oil prices.
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 prices in the previous two weeks.
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