TRENDING NEWS
  • Germany forecasts tourism surge during UEFA Euro 2024
  • Modi urges toursits to spend 105 of their travel budget to purchase local goods
  • Kerala to undertake intiatives to promote the state as global meeting veue
  • Swiss cancels plans for domestic A340 this summer
  • Scandron receives DGCA logistics drone certificate
  • Air India, Tata Advanced System to invest INR 2,300cr in Karnataka
  • Plan is to bring Air India on the same level as Vistara: CEO

Centre slashes windfall tax on ATF

The Centre on Wednesday slashed the windfall tax on crude oil producers and exempted petrol, diesel and jet fuel from an export levy, likely resulting in a price drop that may provide some relief to consumers.

The tax cut was announced just weeks after the government imposed the two charges, in line with a decline in international rates. Companies including Reliance Industries, Oil and Natural Gas Corp and Oil India Ltd are expected to benefit from the decision.

The government reduced the windfall tax on diesel and aviation turbine fuel (ATF) by INR 2 a litre and scrapped a INR 6 per litre tax on export of petrol. The tax on ATF has now been cut to INR 4 a litre from INR 6 and on diesel to INR 11 from INR 13 per litre, according to Finance Ministry notifications.

Further, the INR 23,250 per tonne additional tax on crude oil produced domestically has been cut to INR 17,000 per tonne.

 

Read Previous

Singapore Airlines launches special fares for flights from 4 cities in India

Read Next

Himachal restricts water sports & river camping during monsoon

Most Popular

Download Magazine