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The government had decided to impose export tax on petrol, diesel and aviation turbine fuel (ATF) in July 2022 in view of the unprecedented profits earned by some oil refineries on export of fuel at the expense of domestic supplies. The Finance Ministry is going to review the Windfall Profit Tax and the tax collected from it.
New Delhi. The Finance Ministry will review the effectiveness of the windfall profits tax on exports of petrol, diesel and aviation fuel (ATF) as global crude oil prices have stabilised. The government had decided to impose export tax on petrol, diesel and aviation turbine fuel (ATF) in July 2022 in view of the unprecedented profits earned by some oil refineries on export of fuel at the expense of domestic supplies. Sources said that the Finance Ministry is going to review the windfall profit tax and the tax to be collected from it.
In September, the government had reduced the windfall profit tax per tonne on domestically produced crude oil to “zero”. This tax is levied in the form of Special Additional Excise Duty (SAED) and is notified every fortnight based on two-week average of oil prices. It was last reviewed on August 31. The windfall profit tax on crude petroleum was then fixed at Rs 1,850 per tonne.
SAED on exports of diesel, petrol and aviation fuel or ATF has been kept unchanged at 'zero' from September 18. India had imposed windfall profits tax for the first time on July 1, 2022. With this it joined the list of countries that tax extraordinary profits of energy companies. Sources also said that the Ministry of Petroleum and Natural Gas has written a letter to the Finance Ministry to consider bringing natural gas under the ambit of Goods and Services Tax (GST). He said that the GST Council headed by Union Finance Minister Nirmala Sitharaman has to consider this proposal and take a decision.
Disclaimer: Prabhasakshi has not edited this news. This news has been published from PTI-language feed.
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