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Windfall Profit Tax On Crude Oil Hiked And Cut For Diesel Exports
Government hiked windfall tax on crude oil and reduced the rate on diesel export The government on Wednesday hiked windfall tax on domestically produced crude oil while reducing the rate on export of diesel. In the fortnightly revision of windfall tax, the government cut the rate on export of diesel to Rs 10.5 per litre, from Rs 13 per litre. When the levy was first introduced, a windfall tax on export of petrol alongside diesel and ATF too was levied. While the windfall profit tax is calculated by taking away any price that producers are getting above a threshold, the levy on fuel exports is based on cracks or margins that refiners earn on overseas shipments. The duties were partially adjusted in the previous rounds on July 20, August 2, August 19, September 1, September 16, October 1, October 16 and November 1. Source: NDTV
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