India has hiked the windfall tax on crude oil whereas decreasing the tax on diesel and aviation turbine gasoline, in line with a authorities notification.
The federal government hiked the windfall tax on petroleum crude oil to ₹2,300 ($27.63) a tonne from ₹1,300, it mentioned.
A tax on diesel of fifty paise per litre was eradicated, it mentioned as was a one rupee per litre windfall tax on aviation gasoline.
The federal government imposed a windfall tax on crude oil producers in July 2022 and prolonged the levy on exports of gasoline, diesel and aviation gasoline as personal refiners wished to promote gasoline abroad to make good points from strong refining margins as an alternative of promoting regionally.
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