Windfall Profit Tax: The levy on crude oil produced by companies like the Oil and Natural Gas Corporation (ONGC) has been reduced to Rs 4,350 per tonne from the current Rs 5,050 per tonne
The central government on Thursday resorted to cutting the windfall profit tax on a similar bunch of commodities, ones that are under review every fortnight. As per an official notification issued by the Central Board of Indirect Taxes and Customes, the windfall tax on domestically-produced crude oil, aviation turbine fuel (ATF) and high-speed diesel have been slashed.
Coming to the revised rates, the levy on crude oil produced by companies like the Oil and Natural Gas Corporation (ONGC) has been reduced to Rs 4,350 per tonne from the current Rs 5,050 per tonne. It must also be noted that in the previous notification, the centre hiked these rates to a significant amount of Rs 5,050 per tonne from Rs 1,900 per tonne.
In addition to this, the government has also reduced the windfall profit tax on export diesel to Rs 2.50 per litre from Rs 7.5 per litre. While petrol continues to have nil and unchanged special additional excise duty, the windfall tax on ATF has also been impacted.
In line with others, the windfall profit tax on overseas shipments of aviation fuel has also been cut to Rs 1.50 per litre from Rs 6 per litre. It must be noted that the new windfall tax rates come into effect from today – February 16, 2023 and this particular tax rate is reviewed fortnightly.