December 1, 2022

Windfall revenue tax on crude oil hiked, levy on export of

Windfall profit tax on crude oil hiked levy on export

Windfall profit tax on crude oil hiked levy on export

The federal government on Wednesday hiked windfall tax on domestically produced crude oil whereas decreasing the speed on export of diesel.

The tax on crude oil produced by companies resembling state-owned Oil and Pure Gasoline Company (ONGC), was hiked to ₹10,200 per tonne, from ₹9,500 per tonne, with impact from November 17, a authorities notification mentioned.

Within the fortnightly revision of windfall tax, the federal government reduce the speed on export of diesel to ₹10.5 per litre, from ₹13 per litre. The levy on…

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