BS
India has hiked the windfall tax on crude oil while reducing the tax on diesel and aviation turbine fuel, according to a government notification. The government hiked the windfall tax on petroleum crude oil to Rs 2,300 ($27.63) a tonne from Rs 1,300, it said.
A tax on diesel of Rs 0.5 per litre was eliminated, it said as was a Re 1 per litre windfall tax on aviation fuel.
India imposed a windfall tax on crude oil producers in July 2022 and extended the levy on exports of gasoline, diesel and aviation fuel as private refiners wanted to sell fuel overseas to make gains from robust refining margins instead of selling locally.
