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The tax on crude oil produced by companies such as the state-owned Oil and Natural Gas Corporation (ONGC) has been reduced to Rs 9,500 per tonne from Rs 11,000, effective November 2, a government notification said. he showed.
The government on Tuesday cut the excise duty on domestically produced crude oil while increasing the export duty on diesel and jet fuel (ATF) in line with the rise in international oil prices.
In the fortnightly review of excise duty, the government has increased the export tax on diesel to Rs 13 per liter from Rs 12 per litre.
Tax on jet fuel has also been increased to Rs 5 per litre, from Rs 3.50. The diesel tax includes Rs 1.50 per liter road infrastructure tax (RIC), the notification showed.
When the levy was first introduced, an invented tax was also levied on the export of petrol alongside diesel and ATF. But the tax on gasoline was scratched in successive biweekly reviews.
While the tax on unearned profits is calculated by removing any price that producers are above a threshold, the tax on fuel exports is based on the cracks or margins that refiners earn on shipments from overseas These margins are mainly a difference between the realized international oil price and the cost.
India first imposed the windfall profits tax on July 1, joining a growing number of nations taxing the super-normal profits of energy companies.
At that time, export duties of Rs 6 per liter (USD 12 per barrel) each were levied on petrol and aviation turbine fuel and Rs 13 per liter (USD 26 per barrel) on diesel.
A profit tax of Rs 23,250 per tonne (USD 40 per barrel) was also levied on domestic crude oil production.
The duties were partially adjusted in the previous shifts on July 20, August 2, August 19, September 1, September 16, October 1 and October 16.
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