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New Delhi: On Thursday, The central government has taken a big decision to reduce the domestic windfall tax. Along with this, the government has also decided to reduce the additional duty on Air Turbine Fuel (ATF), Diesel Export and Crude Oil. According to the notification issued by the government, from Thursday, windfall profit tax on crude oil produced domestically by government oil companies like ONGC has now been increased to Rs 4350 per tonne. Earlier it was Rs 5050 per ton.
On the other hand, talking about petrol export duty, the government has not made any change in it. All these changes have come into effect from today i.e. February 16, 2023. The central government has reduced the additional tax on the export of diesel from Rs 7.50 per liter to Rs 2.50 per litre. This also includes road infrastructure cess of Rs 1.5 per litre.
On the other hand, talking about the export tax of Air Turbine Fuel (ATF), a big reduction has been made in that too. It has come down from Rs 6 per liter to Rs 1.5 per liter now. There has been no change in the export duty of petrol. After this change, the tax on domestic crude oil production has now been reduced by about 65 percent.
It is worth noting that the government reviews the windfall tax every two weeks and makes changes in it.Significantly, the central government had decided to impose windfall tax on petroleum products from July 1, 2022. At that time the government had announced that this tax would be imposed on petrol as well as diesel, ATF.
Since the implementation of the windfall tax, there has been a steady decline in the prices of crude oil in the international market. In such a situation, oil companies have got a chance to make up for their losses. Now the government has reduced the windfall tax when the price of crude oil in the international market remains around $ 85 per barrel.
