Government cuts windfall tax on crude petroleum to ₹5,000/tonne, jet fuel price also down

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The government announced a decrease in the windfall tax on crude petroleum and jet fuel by 1,300 per tonne, effective from December 1, as per notification.

The tax on crude petroleum has been reduced from 6,300/tonne to 5,000/tonne, while the levy on jet fuel has been adjusted to 1.06 lakh per kilo litre (kL) from the previous 1.11 lakh/kL.

During the previous review on November 16, the government slashed the windfall tax on crude petroleum by 3,500 from 9,800 per tonne to 6,300 per tonne. This was in line with the downward trend in global oil prices.

Before this, on November 1, the government raised the tax on crude oil from 9,050 per tonne to 9,800 per tonne. Subsequently, the duty on diesel exports was reduced by half to 2/litre, while the levy on jet fuel was eliminated, bringing it down from Re 1/litre to nil.

Due to a decline in international oil prices since the last adjustment, there has been a necessity for a reduction.

For Official Notification Click Here

Source from: https://www.livemint.com/economy/government-cuts-windfall-tax-on-crude-petroleum-to-rs-5-000-tonne-jet-fuel-price-also-down-11701404768964.html