Centre slashes windfall tax on diesel, removes it on ATF

The Centre, withinside the cutting-edge assessment, has hiked the providence earnings tax levied on crude petroleum to Rs 4,400/tonne from Rs 4,350/tonne.

The unique extra excise obligation on diesel has been decreased to Rs 0.five/litre from Rs 2.five in keeping with litre even as it's been slashed to nil on ATF (Aviation Turbine Fuel).

Petrol maintains to have 0 unique extra excise obligation.

The cutting-edge assessment of SAED might be powerful from March 4.

Windfall tax is levied via way of means of governments whilst an enterprise abruptly earns massive earnings — commonly because of an unheard of event.

The providence earnings tax on regionally produced crude oil and export of gas is possibly to offer approximately Rs 25,000 crore withinside the contemporary financial finishing March 31.

The Centre had first imposed taxes on providence earnings of electricity corporations on July 1, 2022, withinside the wake of hovering charges of crude oil. It had imposed export obligations of ₹6 in keeping with litre on petrol and ATF and ₹thirteen a litre on diesel.

A Rs 23,250 in keeping with tonne providence earnings tax on home crude manufacturing turned into levied as well.

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