Windfall Tax: The government has now greatly aided the oil industry. On the export of domestically produced diesel, aviation turbine fuel (ATF), and crude oil, windfall profit taxes have been reduced. As of today, February 16, the revised rates are in effect.
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The government decree states that organizations like Oil and Natural Gas Corporation (ONGC) would now be required to pay a tax of Rs 4,350 per tonne rather than Rs 5,050 per tonne on the crude oil they extract.
Know what are the new rates
The tariff on crude oil has now been cut from Rs 5050 per tonne to Rs 4350 per tonne. In addition, the tax on diesel exports was lowered from Rs 7.5 per liter to Rs 2.50 and the duty on ATF exports was lowered from Rs 6 to Rs 1.50. However, there is still no additional excise tax on gasoline.