Govt scraps windfall tax on ATF, crude, petrol and diesel products
The move marks the end of a levy introduced in July 2022, and is set to bring relief to oil conglomerates Reliance and ONGC, as their gross refining margins may get a lift.
The Central government has hiked the windfall tax on domestic crude oil and reduced the tax on the export of diesel.
The tax on crude oil produced by State-owned ONGC was hiked to Rs 10,200 per tonne from Rs 9,500 per tonne, with effect from Thursday, according to a notification.
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The revision in windfall tax is done every fortnight.
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The government has also reduced the rate for the export of diesel to Rs 10.5 per litre, from Rs 13 per litre.
The levy on diesel includes Rs 1.50 per litre road infrastructure cess.
The export tax on jet fuel though has been left unchanged, which stands at Rs 5 a litre.
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