Business / Windfall profit tax on diesel exports increased to Rs one per litre

Diesel Price Update: Whenever there is a change in the price of fuel, it affects people a lot. If the price of petrol and diesel increases, then the prices of many other goods also increase. Apart from this, if the prices of petrol and diesel are low, then it has less effect on the pockets of the people. At the same time, a big update has come out regarding the price of diesel.

export of diesel

The government has increased Windfall Profit Tax on diesel exports to Re 1 per liter while tax on domestically produced crude oil has been cut. This information was given in an order issued by the government on March 20. It was told that the duty on crude oil production of oil producing companies like ONGC has been reduced from Rs 4,400 per tonne to Rs 3,500 per tonne.

tax

The tax on diesel exports has been increased from Rs 0.50 per liter to Re 1 per litre. There is no change in the tax on aviation fuel ATF and it remains nil. It was said in the order that the new tax rates will come into effect from March 21. Crude oil extracted from land and sea is refined and converted into different fuels like petrol, diesel and aircraft fuel.

windfall profit tax

On March 4, the government reduced the windfall profit tax on diesel exports to Rs 0.50 per liter and reduced the tax on aviation fuel ATF to zero. In July last year, for the first time, windfall profit tax was imposed on oil producing companies.