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Economic Times | 16 Feb, 2023 | 08:28AM IST
Live News Updates: Govt reduces windfall gain tax on crude production, export of ATF and Diesel
Govt has reduced the windfall tax on crude petroleum, ATF and diesel export. Petrol continues to have nil special additional excise duty.
Windfall tax on crude petroleum cut to Rs 4,350 from Rs 5,050/tonne while special additional excise duty on ATF cut to Rs 1.50/L from Rs 6/litre. The special additional excise duty on diesel has been cut to Rs 2.50/L from Rs 7.50/L.
India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, export duties of Rs 6 per litre (USD 12 per barrel) each were levied on petrol and ATF and Rs 13 a litre (USD 26 a barrel) on diesel.
A Rs 23,250 per tonne (USD 40 per barrel) windfall profit tax on domestic crude production was also levied.
The export tax on petrol was scrapped in the very first review.
The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.
Reliance Industries Ltd, which operates the world's largest single-location oil refinery complex at Jamnagar in Gujarat, and Rosneft-backed Nayara Energy are primary exporters of fuel in the country.
The government levies tax on windfall profits made by oil producers on any price they get above a threshold of USD 75 per barrel.
The levy on fuel exports is based on cracks or margins that refiners earn on overseas shipments. These margins are primarily a difference between the international oil price realised and the cost.
Windfall tax on crude petroleum cut to Rs 4,350 from Rs 5,050/tonne while special additional excise duty on ATF cut to Rs 1.50/L from Rs 6/litre. The special additional excise duty on diesel has been cut to Rs 2.50/L from Rs 7.50/L.
India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, export duties of Rs 6 per litre (USD 12 per barrel) each were levied on petrol and ATF and Rs 13 a litre (USD 26 a barrel) on diesel.
A Rs 23,250 per tonne (USD 40 per barrel) windfall profit tax on domestic crude production was also levied.
The export tax on petrol was scrapped in the very first review.
The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.
Reliance Industries Ltd, which operates the world's largest single-location oil refinery complex at Jamnagar in Gujarat, and Rosneft-backed Nayara Energy are primary exporters of fuel in the country.
The government levies tax on windfall profits made by oil producers on any price they get above a threshold of USD 75 per barrel.
The levy on fuel exports is based on cracks or margins that refiners earn on overseas shipments. These margins are primarily a difference between the international oil price realised and the cost.
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Windfall tax on diesel export reduced to Rs 2.50/L from Rs 7.50/L
Windfall tax revision
Petrol export is still out of windfall tax ambit
Windfall gain tax on ATF export reduced to Rs 1.50 per litre to Rs 6 per litre
Windfall tax on crude petroleum cut to Rs 4,350 from Rs 5,050/tonne
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