government. An additional tax of ₹ 23,230/tonne was also imposed on domestically produced crude oil to offset windfall gains to producers from higher international oil prices.
government. An additional tax of ₹ 23,230/tonne was also imposed on domestically produced crude oil to offset windfall gains to producers from higher international oil prices.
The government on Friday, July 1, 2022, imposed a tax of ₹6 per liter on the export of petrol and aviation turbine fuel (ATF) and ₹13 per liter on the export of diesel.
The government imposed an additional tax of ₹23,230 per tonne on domestically produced crude oil to offset windfall gains to producers from higher international oil prices, a separate government notification showed.
The tax on exports follows oil refiners, especially the private sector, which benefits heavily from exporting the fuel to markets such as Europe and the United States.
The tax on domestically produced crude oil is levied after local producers get windfall gains from the jump in international oil prices.