Govt hikes tax on windfall profit on crude oil, export of diesel, ATF

The government on Saturday hiked windfall tax on domestically produced crude oil by more than a third while doubling the rate on export of diesel and re-introducing the levy on overseas shipment of jet fuel (ATF) in line with rise in international oil prices.

The tax on crude oil produced by firms such as state-owned Oil and Natural Gas Corporation (ONGC) was increased to Rs 11,000 per tonne beginning October 16 from Rs 8,000, a government notification showed.