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The government hiked windfall tax levied on domestically produced crude, jet fuel and high-speed diesel.
After two steep cuts towards the end of last year, the windfall tax on crude was hiked to Rs 2,100 per tonne from Rs 1,700 per tonne earlier, according to a gazette notification on Monday.
The levy on diesel exports has been increased from Rs 5 per litre to Rs 7.5 per litre, while it has been raised from Rs 1.5 a litre to Rs 4.5 per litre on aviation turbine fuel.
The new rates will be applicable from Jan. 3. The government had scrapped export taxes on petrol.
The central government had imposed windfall tax on petroleum products with effect from July 1 to tax elevated profits on petroleum products as prices soared in the wake of Russia’s war in Ukraine last year.
The tax rates are revised every fortnight based on the average oil prices in the previous two weeks.
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Image and article originally from www.bqprime.com. Read the original article here.