In the fourth fortnightly review, the government has increased windfall tax on export of diesel from Rs 7 to Rs 13.5 per liter, while it has been increased from Rs 2 to Rs 9 per liter on export of ATF.
The Ministry of Finance gave this information by issuing a notification on Wednesday.
Apart from this, the tax on domestically produced crude oil has also been increased from Rs 13,000 per tonne to Rs 13,300 per tonne.
The new tax rates have come into effect from September 1.
Oil prices have improved in the second fortnight of August as compared to the first fortnight, due to which there has been a slight increase in the unexpected tax on domestic production of oil. It is up from $ 22 per barrel earlier to $22.8 per barrel.
India had imposed unexpected tax benefits for the first time on July 1. With this, it became one of the countries that tax the profits of energy companies. However, since then, oil prices in the international market have started to fall, reducing profits for both oil producers and refineries.
On July 1, the government imposed a tax of Rs 6 per liter on the export of petrol and ATF and Rs 13 per liter on the export of diesel. Apart from this, domestic production of crude oil was taxed at the rate of Rs 23,250 per tonne.
After a fortnightly review, on July 20, the government abolished the applicable export duty on the export of petrol at the rate of Rs 6 per litre. At the same time, the tax on export of diesel and ATF was cut by Rs 2 each to Rs 11 and Rs 4 per liter respectively. The tax on domestically produced crude was also reduced from Rs 23,250 per tonne to Rs 17,000 per tonne.
The review was done after July 20, on August 2 and again on August 19.
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