Windfall tax hiked marginally to Rs 4400, export duty on ATF scrapped - The Economic Times

The Government has marginally hiked windfall tax on locally produced crude oil to Rs 4400 per tonne from Rs. 4350 per Tonne.

However, it reduced, the export duty on diesel was slashed to Rs.0.5 per litre and scrapped export duty for Aviation Turbine Fuel (ATF).

Exports of petrol will continue to attract nil duly. The new rates will be applicable from March 4.

India imposed windfall profit taxes on July 1, 2022, by imposing export duties of ₹6 per litre on petrol and ATF and ₹13 a litre on diesel.

A Rs 23,250 per tonne windfall profit tax on domestic crude production was also levied.
The duty is revised every fortnight, based on the international crude oil prices.

The centre on Monday told parliament that is has estimated to collect Rs 25,000 crore from Special Additional Excise Duty (SAED) for the current fiscal year levied on the windfall tax on domestic production of crude oil and export of Petrol, Diesel and Aviation Turbine Fuel (ATF).

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Windfall tax hiked marginally to Rs 4400, export duty on ATF scrapped - The Economic Times
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