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Govt slashes windfall tax on crude oil
Tax on domestic crude oil, effective from Oct 18, reduced from Rs12,200/tonne to Rs9,050; ONGC, OIL to gain
New Delhi: The central government has reduced the windfall tax on domestic crude oil with effect from October 18 from Rs12,200 a tonne to Rs9,050 in its fortnightly review which will benefit upstream oil companies, including ONGC and Oil India Ltd (OIL).
The windfall tax on petroleum crude was raised to Rs12,100 a ton from Rs10,000 with effect from September 30 as oil prices at the time had soared to $95 a barrel. Oil prices came down but have started heading north again in the wake of the Israel-Hamas conflict. The windfall tax on aviation turbine fuel has also been cut from Rs3.50 a litre to Re1 and that on diesel from Rs4 a litre to Rs3, which is expected to benefit the downstream oil refiners that export petroleum products.
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