On June 15, government had cut the windfall tax on petroleum crude to Rs 3,250 ($38.90) per metric tonne from Rs 5,200, according to a official notification
 "tax taxation")
Earlier on June 1 govt had cut the windfall tax on petroleum crude to Rs 5,200 per metric tonne from Rs 5,700.
Listen to This Article
The Indian government has raised the windfall tax on petroleum crude to Rs 6,000 ($72) per metric ton from Rs 3,250, effective from July 2, a notification issued on Monday showed.
The windfall tax, which is revised every two weeks, remained unchanged at zero for diesel and aviation turbine fuel.
India had on June 15 cut the windfall tax on petroleum crude to Rs 3,250 per ton from Rs 5,200 two weeks before.
From July 2022, India started taxing crude oil production and exports of gasoline, diesel and aviation fuel to regulate private refiners that wanted to sell fuel overseas instead of locally to gain from robust refining margins.
Also Read
Don’t miss the most important news and views of the day. Get them on our Telegram channel
First Published: Jul 02 2024 | 12:04 AM IST