Profit tax on crude increased, duty cut on export of diesel

New Delhi, Nov 16 (PTI) The government on Wednesday hiked windfall tax on domestically produced crude oil while slashed tax on diesel exports. This information has been given in an official notification.

The notification said that the tax on crude oil produced by companies such as state-owned Oil and Natural Gas Corporation (ONGC) has been increased from Rs 9,500 per tonne to Rs 10,200 per tonne with effect from November 17.

In a fortnightly revision of windfall tax, the government has reduced the rate on export of diesel from Rs 13 per liter to Rs 10.5 per litre. The duty on diesel includes ‘Road Infrastructure Cess’ of Rs 1.50 per litre.

There has been no change in the export tax on jet fuel or ATF which was fixed at Rs 5 per liter in the last review on November 1.