Centre hikes windfall tax on crude, diesel and jet fuel

14 Aug 2023

Business

Centre hikes windfall tax on crude, diesel and jet fuel

The windfall tax on crude oil will increase from Rs 4,250 to Rs 7,100 per tonne, according to a gazette notification issued on Monday. It has also increased the levy on diesel from Rs 1 to Rs 5.50 per litre and on jet fuel from nil to Rs 2 per litre. The new rates will be applicable from August 15 onwards, the notification said. India had first imposed windfall profit taxes on July 1, 2022, joining a growing number of nations that tax the supernormal profits of energy companies. The government revises windfall tax imposition on a fortnightly basis. --IANSans/arm

(Disclaimer: This post has been auto published from IANS news agency without any modification to the text and has not been reviewed by editor)

Centre hikes windfall tax on crude, diesel and jet fuel

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