Govt cuts windfall taxes on diesel, aviation fuel and local oil
NEW DELHI: India slashed windfall taxes on locally produced crude oil, and for exported diesel and aviation turbine fuel, in line with the decline in international prices.
The tax on crude oil produced from domestic fields, introduced from July 1, was cut from Sunday by about 24% to 8,000 rupees ($98.3) a ton, according to a government notification published late October 1. The government also removed a 5-rupee-per-liter levy on the export of aviation fuel and halved the tariff on diesel to 5 rupees a liter.
New Delhi, which joined a growing number of nations that imposed windfall levies to tap energy companies’ booming profits, has been adjusting the taxes about every 15 days to to track international price movements.
