The govt. also slapped a ₹23,230/tonne additional tax on domestically produced crude oil to take away windfall gains accruing to producers from high international oil prices
The govt. also slapped a ₹23,230/tonne additional tax on domestically produced crude oil to take away windfall gains accruing to producers from high international oil prices
The government on Friday, July 1, 2022, slapped a ₹6 per litre tax on exports of petrol and aviation turbine fuel (ATF) and ₹13 per litre on exports of diesel.
The government also slapped a ₹23,230 per tonne additional tax on domestically produced crude oil to take away windfall gains accruing to producers from high international oil prices, a separate government notification showed.
The tax on exports follows oil refiners, particularly the private sector, reaping huge gains from exporting fuel to markets such as Europe and the United States.
The tax on domestically produced crude oil follows local producers reaping windfall gains from the surge in international oil prices.
