Government increased tax on export of petrol, diesel and ATF, Reliance’s share fell more than 8.5%

The government increased the tax on the export of ATF, diesel and petrol.

Image Credit source: tv9hindi.com

The government has announced the imposition of windfall tax on domestic refinery companies. After the decision of the government, Reliance Industries has suffered a major setback. The company’s stock has fallen more than 8.5 percent.

The Central Government has released petrol, diesel (Petrol Diesel) and increased the tax on the export of ATF. The government has taken this decision with the aim of meeting the needs of these products in the domestic market. The government imposed windfall tax on domestic refinery companies (Windfall Tax) is announced. The government imposed additional excise duty of Rs 23250 per tonne on domestic production of crude oil. After this announcement of the government, the country’s largest company Reliance Industries ,Reliance Industries) has suffered a major setback. The company’s stock has fallen more than 8.5 percent.

The government has imposed a tax of Rs 6 per liter on ATF and petrol exports. It has imposed a tax of Rs 13 per liter on diesel exports. However, export-oriented refineries are exempted from this latest notification regarding domestic sales. Exporters should first sell 30 per cent of their diesel production locally.

Reliance Industries stock crash

After the announcement of windfall tax, there was a big fall in the stock of Reliance Industries. During trading, the stock fell 8.65 percent to Rs 2369.45 on the BSE. The stock had closed at Rs 2594.05 on Thursday.

Its investors got a big setback due to the fall in the stock. After the decision of the government, the wealth of investors decreased by more than Rs 1.50 lakh crore.

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