Center Increases Tax On Crude Oil
- The central government has increased the windfall tax on domestic crude oil.
- It has also revised the cess on the export of aviation turbine fuel (ATF).
- Additional excise duty on export of diesel is also increased.
New Delhi: The central government has increased the windfall tax on domestic crude oil to Rs. 13,300 per tonne, which was Rs 13,000 earlier. It has also revised the cess on the export of aviation turbine fuel (ATF) to Rs 9 per liter from Rs. 2 per liter. It has also increased additional excise duty on the export of diesel from Rs 6 per liter to Rs 12 per liter. The revision in prices shall come into effect today.
Asia’s third-largest economy faced double-digit growth of 13.5 percent in the first fiscal quarter of the year. However, an increase in windfall tax shall certainly affect inflation as commodities will be facing an increase in prices attributed to the increased cost of transportation.
Earlier in August, the government reduced the windfall tax on petroleum crude from Rs 17,750 per tonne to Rs 13,000 per tonne. With this, the prices reached their lowest in 6 months.