Export of diesel from the country will be expensive, the government has increased the tax so much

In view of the rising prices of crude oil in the international market, the government has increased the windfall tax on crude oil produced in the country. Along with this, the export of diesel and ATF, which are manufactured in India’s refinery, has also become expensive.

Even though India imports crude oil on a large scale, but due to the country’s refinery capacity, it supplies petrol-diesel and ATF to many countries of the world. government diesel and jet fuel (ATF) But the export duty has been increased. On the other hand, in view of the increasing prices of crude oil in the international market, the windfall tax has been increased on the crude oil produced in the country.

Oil and Natural Gas Corporation in the country (ONGC) This windfall tax will be levied on crude oil produced by companies like

Tax increased from 1900 to 5050 rupees

Crude oil produced in the country will now attract a windfall tax of Rs 5,050 per tonne instead of Rs 1,900 per tonne. In the order issued by the government on February 3, it has been said that these tax rates have come into force from February 4. Crude oil is extracted from under the land and sea. It is later converted into petrol, diesel and aviation fuel.

Export duty increased on diesel and ATF

The government has not increased the windfall tax only on crude oil. Rather, the export duty has also been increased on diesel and aviation fuel exported from the country. Now the diesel exported from India has been increased to Rs 7.5 per liter instead of Rs 5 per litre. While the export duty of ATF will now be Rs 6 per liter instead of Rs 3.5 per litre.

In this way, the tax rates on the export of domestic crude oil and fuel have come up from their lower levels. Last month, the tax rates had reached their lowest level.

Tax was reduced on 17 January

Earlier, the government had cut the rate of these taxes on January 17 during its review every 15 days. At that time the prices of crude oil had come down globally. Now the prices of crude oil have started rising again at the international level.

India had imposed windfall tax for the first time on July 1 last year. With this, India became one of the countries that imposes tax on windfall profits of energy companies.