India renewed the windfall charge on domestically produced crude oil at Rs 6,400 per tonne and discarded export duty on diesel.
The export duty exemption for petrol and aviation turbine fuel (ATF) will continue.In the last revision, the Centre had reduced the windfall profit tax on domestically produced petrol to zero while it halved the levy on the export of diesel to Rs 0.50 per litre. The duty will be effective from April 19, according to a notification issued by the Central Board of Indirect Taxes and Customs.
In the last revision, the government had cut the tax on the export of diesel to Rs 0.50 per litre from Rs 1. The latest revision comes on the back of rise in oil prices, which have climbed up following a surprise cut in production Opec plus. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks. -Our Bureau
