The Centre on Saturday slashed windfall gains tax on domestically-produced crude to ₹5,200 per tonne from earlier ₹5,700 per tonne. The export duty on petrol diesel and aviation turbine fuel (ATF) will continue to be nil.The new rates will be effective June 1 2024, the Central Board of Indirect Taxes and Customs (CBIC) said in a late night notification Friday.
On May 16, the Centre had revised windfall tax on domestically produced crude oil to ₹5,700 down from ₹8,400 per tonne.
On April 16, the Centre raised the windfall tax on petroleum crude to ₹9,600 per tonne from ₹6,800, after firming of crude oil prices in the international market. It was further slashed to ₹8,400 per tonne.
India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax extraordinary profits of energy companies. The rates are reviewed every fortnight based on international crude oil prices in the previous two weeks.
