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"Government Raises Windfall Tax on Petroleum Crude to 9,800 Rupees per Ton, Effective Tomorrow"
Published On : 2023-11-02T09:36:53+0530 [ IST ] |
Author : Amit_Rahangdale
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"Government Raises Windfall Tax on Petroleum Crude to 9,800 Rupees per Ton, Effective Tomorrow"
India :
The Indian authorities has increased the windfall tax on petroleum crude to 9,800 Indian rupees ($117.70) in step with ton from nine,050 rupees in step with ton beginning Wednesday, in line with a government notification on Tuesday. The windfall tax on aviation turbine gasoline that had been I rupee/liter has been removed, the notification said. The government has additionally reduced the windfall tax on diesel to 2 rupees/litre from four rupees/litre.India on Oct. 18 cut the providence tax on petroleum crude to 9,050 rupees per ton from 12,a hundred rupees in line with ton. India had imposed a windfall tax on crude oil producers in July ultimate year and extended the levy on exports of gas, diesel and aviation gas after personal refiners desired to make profits from robust refining margins in remote places markets in preference to selling it domestically.
The government's choice to raise the providence tax on petroleum crude highlights its dedication to optimizing resource revenue. This alternate in taxation will have implications for both the petroleum enterprise and government budget.
In end, the government's selection to increase the providence tax on petroleum crude to nine,800 rupees in step with ton, effective from the next day, is a great coverage adjustment that targets to enhance government sales from petroleum assets and optimize the taxation of these valuable property.
Source : Times Of India
Tags : Windfall Tax , Tax Hike , Effective Date , Petroleum Crude , Government Policy ,
Summary : The authorities has applied a substantial increase inside the windfall tax on petroleum crude, elevating it to 9,800 rupees in line with ton, with the new rate set to take effect starting the following day.
Adversitement