The Indian government has increased windfall tax on domestically produced petroleum crude to Rs 9,800 per tonne from Rs 9,050 per tonne from Nov. 1, according to a government notification. The windfall tax on aviation turbine fuel has been cut to nil from Re 1 per litre, the notification said. The government has also reduced the windfall tax on diesel to RS 2/litre from Rs 4/litre. The Indian government first imposed windfall profit taxes on July 1, 2022. In the previous revision on October 18, the government had cut the windfall tax on petroleum crude to Rs 9,050 per tonne from Rs 12,100 per tonne.

Source: Economic Times November 01, 2023 12:29 UTC