Windfall tax on crude oil in India reduced to Rs1900 per tonne

17 Jan 2023 , 09:51 AM

On Monday, India reduced the windfall tax on crude oil from Rs 2100 per tonne to Rs 1900 per tonne.

It has also reduced the ATF levy to Rs3.5 per litre from Rs4.5 per litre previously, and the export duty on diesel to Rs5 per litre, including cess.

From July, India imposed a windfall profit tax, joining the ranks of countries that tax supernormal profits from energy companies.

The government has insisted that the levy was imposed in response to the windfall profits made by domestic crude producers and refiners as a result of high global crude and product prices.

Since then, authorities revise the rates every fortnight.

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