Govt scraps windfall tax on ATF, crude, petrol and diesel products
The move marks the end of a levy introduced in July 2022, and is set to bring relief to oil conglomerates Reliance and ONGC, as their gross refining margins may get a lift.
The move marks the end of a levy introduced in July 2022, and is set to bring relief to oil conglomerates Reliance and ONGC, as their gross refining margins may get a lift.
In a recent move, the government has hiked the windfall tax on crude oil while reducing the tax on diesel and aviation turbine fuel.
The special additional excise duty (SAED) on diesel was also halved to rupee one from Rs 2 per litre, according to government notification.
The Central government has slashed windfall tax on crude oil production to zero from Rs 3,500 rupees per tonne, which became effective from today, according to an official notification.
The tax on crude oil produced by State-owned ONGC was hiked to Rs 10,200 per tonne from Rs 9,500 per tonne, with effect from Thursday, according to a notification.
