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Centre Increases Windfall Tax on Domestic Crude and ATF Export Fee

Centre Increases Windfall Tax on Domestic Crude and ATF Export Fee_eq
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The union government has raised the windfall tax on locally produced crude oil sales to Rs 13,300 per tonne.
The revision is effective beginning on September 1, 2022.

After it was reduced from 17,750 per tonne with effect on August 19, the sale of crude oil produced in India was subject to an additional duty of 13,000 per tonne for nearly two weeks.

The Center has also increased the cess on exporting aviation turbine fuel (ATF) from 2 to 9 cents per litre. Diesel exports now have a specific extra excise levy of Rs12 per litre as opposed to the previous Rs6.

On July 1, the Center imposed export taxes of Rs 6 per litre on gasoline and ATF and Rs13 per litre on diesel. On the sale of domestic crude, there was a windfall tax of 23,250 per tonne. The first review of the taxes took place on July 20. At that time, the 6-cent-per-litre duty on gasoline exports was eliminated, and the 11- and 4-cent-per-litre taxes on diesel and aviation turbine fuel (ATF) were cut.

Following the tax’s implementation on July 1, Revenue Secretary Tarun Bajaj had stated that it would be reassessed every 15 days, taking into account, among other things, the foreign exchange rate and world crude prices.

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