Petrol, Diesel Rates: India has significantly increased the windfall profit tax on crude oil from Rs 1,300 to Rs 2,300 per tonne. Simultaneously, New Delhi abolished the tax on diesel and aviation turbine fuel (ATF), maintaining the absence of windfall taxes on petrol. Previously, windfall taxes of 50 paise per litre and one rupee per litre applied to diesel and ATF, respectively, which have now been eliminated. These revised rates came into effect on January 2, 2024.
It has also increased duty on export of diesel to Rs one per litre from Nil. The new rates will be effective August 1. Export duty on petrol and export duty for Aviation Turbine Fuel (ATF). will continue to be nil.
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Finance Minister Nirmala Sitharaman on Friday said the government will review every fortnight the new taxes levied on crude, diesel and ATF based on international prices.