Windfall Tax: Oil producing companies did not get relief, the government increased the duty on the export of domestic crude

Business desk. The government has once again increased the duty on the export of domestic crude oil. According to the notification, the import of domestic crude oil will now attract a duty of Rs 17,750 per tonne. The duty of Rs 4 per liter on the export of aircraft fuel has been completely removed. Duty on the export of diesel has been reduced from Rs 11 per liter to Rs 5 per liter.

On July 1, the Center imposed an export duty of Rs 6 per liter on petrol and ATF and Rs 13 per liter on the export of diesel. An unexpected tax of Rs 23,250 per tonne was imposed on the sale of domestic crude. The taxes were first reviewed on July 20, in which the duty of Rs 6 per liter on petrol exports was abolished and the tax on the export of diesel, was decreased to Rs. 11 and Rs. 4, respectively, for jet fuel (ATF). The tax on domestically produced crude was also reduced to Rs 17,000 per tonne on July 20. Revenue Secretary Tarun Bajaj had said after the tax was imposed on July 1, that it would be reviewed every 15 days, taking into account other factors, including foreign ones. exchange rates and the price of crude oil globally.

Read More: Taxation System: Nirmala Sitharaman, the Finance Minister, made a significant announcement regarding tax collection.

When was windfall tax imposed?
The government imposed an unexpected tax for the first time on July 1 amid high profits made by oil and gas companies due to high energy prices due to the Russia-Ukraine conflict. In fact, domestic producers sell crude to refiners at international benchmark prices. Crude oil prices have been fluctuating a lot in the last few days. These have seen sharp ups and downs in the last few months. On Tuesday, August 02, Brent’s October contract was trading at $100.12 a barrel on the Intercontinental Exchange, up 0.09 percent from its previous close. WTI’s September contract on the NYMEX rose 0.36 percent to $94.23 a barrel.

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