Government Hikes Taxes On Jet Fuel Exports, Domestic Crude Oil
NDTV
The government raised taxes on jet fuel exports to 9 rupees per liter from 2 rupees per liter, a notification said.
The government raised taxes on jet fuel exports to 9 rupees per liter from 2 rupees per liter, a notification said.
The government also hiked the windfall tax for domestically produced crude oil from 13,000 rupees per tonne to 13,300 rupees per tonne, according to the notification.
According to a notification from the finance ministry released on Wednesday, at the fourth fortnightly review, the government increased the windfall profit tax on the export of diesel to Rs 13.5 per litre from Rs 7, and on the export of jet fuel, or ATF (Aviation Turbine Fuel), it was raised to Rs 9 per litre from Rs 2.
The tax on exports has climbed as margins have increased, but the tax on local oil output has increased slightly due to minute changes in global oil prices, predictions of a price increase, and hopes that OPEC and its allies will reduce production.
