The lower follows a rise within the levy effected earlier this month. (File)
New Delhi:
The federal government has lower windfall revenue tax on export of diesel and ATF to their lowest whereas additionally lowering the levy on domestically-produced crude according to softening worldwide oil costs, in response to an official order.
The levy on crude oil produced by corporations akin to Oil and Pure Fuel Company (ONGC) has been lower to Rs 4,350 per tonne from Rs 5,050 per tonne, the order dated February 15 mentioned.
Crude oil pumped out of the bottom and from beneath the seabed is refined and transformed into fuels like petrol, diesel and aviation turbine gas (ATF).
The federal government has additionally lower the tax on export of diesel to Rs 2.5 per litre from Rs 7.5, and the identical on abroad shipments of ATF to Rs 1.50 a litre from Rs 6 a litre.
The brand new tax charges come into impact from February 16.
The discount follows a rise within the levy effected earlier this month.
The export levy on diesel is the bottom for the reason that tax was launched in July final yr. The speed on export of jet gas (ATF) equals the bottom price hit in second half of December.
The tax charges are reviewed each fortnight based mostly on common oil costs within the earlier two weeks.
India first imposed windfall revenue taxes on July 1, becoming a member of a rising variety of nations that tax tremendous regular income of vitality corporations. At the moment, export duties of Rs 6 per litre ( $12 per barrel) every have been levied on petrol and ATF and Rs 13 a litre ($26 a barrel) on diesel.
A Rs 23,250 per tonne ( $40 per barrel) windfall revenue tax on home crude manufacturing was additionally levied.
The export tax on petrol was scrapped within the very first evaluate.
Reliance Industries Ltd, which operates the world’s largest single-location oil refinery advanced at Jamnagar in Gujarat, and Rosneft-backed Nayara Vitality are major exporters of gas within the nation.
The federal government levies tax on windfall income made by oil producers on any worth they get above a threshold of $75 per barrel.
The levy on gas exports is predicated on cracks or margins that refiners earn on abroad shipments. These margins are primarily a distinction between the worldwide oil worth realised and the price
(Apart from the headline, this story has not been edited by NDTV employees and is revealed from a syndicated feed.)
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