Windfall Tax On Crude: Big update on diesel price, reduced excise duty on crude oil
Newz Fast, New Delhi: The export duty on diesel has also been increased by the government. It has been increased from Rs 7 to Rs 13.50 per liter.
Windfall tax on crude oil has been marginally increased. The government has increased it by Rs 300 per tonne. It has been increased from Rs 13,000 per tonne to Rs 13,300 per tonne.
Apart from this, the export duty on diesel has also been increased by the government. It has been increased from Rs 7 to Rs 13.50 per liter.
Excise duty increased from Rs 2 to Rs 9
Excise duty on Aviation Turbine Fuel (ATF) export has also been increased from Rs 2 per liter to Rs 9. The revised rates have come into effect from 1st September.
Earlier, the government had reviewed the windfall tax. In the third fortnight review, the tax on export of diesel was increased from Rs 5 per liter to Rs 7 per liter. A duty of Rs 2 per liter was imposed on the export of aircraft fuel (ATF).
Excise duty on crude oil reduced
On the other hand, the excise duty on domestic crude oil was reduced from Rs 17750 per tonne to Rs 13,000 per tonne. Let us tell you that on July 1, the government imposed an export duty of Rs 6 per liter on petrol and ATF and Rs 13 per liter on diesel.
In addition, a windfall tax of Rs 23,250 per tonne was imposed on the domestic production of crude oil. At that time the Finance Minister had said that the tax would be reviewed every fortnight.
The effect of these efforts made by the government can be visible on the price of oil in the domestic market in the coming time. In a report last day, it was told that after the fall in crude, oil companies are not incurring any loss on petrol and LPG.
But the deficit on diesel is still intact. Due to this, the rate of petrol and diesel is likely to come down in the coming time.