The centre on Friday revised windfall tax on domestically produced crude oil to Rs 10,000 per tonne from Rs 6,700 per tonne earlier. The export duty on diesel was slashed to Rs 5.50 per litre from 6 per litre earlier and reduced duty on Aviation Turbine Fuel (ATF) to Rs 3.50 per litre from the earlier Rs 4 litre. In its last revision on September 2, the centre had reduced windfall tax on domestically produced crude petroleum marginally to Rs 6,700 per tonne from Rs 7,100 per tonne. On July 1, 2022 the government imposed an export duty of Rs 6 per litre on petrol and ATF and a Rs 13 per litre duty on export of diesel. A windfall tax of Rs 23,250 per tonne was imposed on the sale of domestic crude.

Source: Economic Times September 16, 2023 16:28 UTC