15/08/2023 9:45:26 AM | Source: IANS
Centre hikes windfall tax on crude, diesel and jet fuel
The government on Monday raised the windfall tax on domestically-produced crude, diesel and aviation turbine fuel (ATF) or jet fuel.
The windfall tax on crude oil will increase from Rs 4,250 to Rs 7,100 per tonne, according to a gazette notification issued on Monday.
It has also increased the levy on diesel from Rs 1 to Rs 5.50 per litre and on jet fuel from nil to Rs 2 per litre.
The new rates will be applicable from August 15 onwards, the notification said.
India had first imposed windfall profit taxes on July 1, 2022, joining a growing number of nations that tax the supernormal profits of energy companies.
The government revises windfall tax imposition on a fortnightly basis.
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