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What is the recent change in windfall tax on domestic crude oil?
The Finance Ministry has reduced the special additional excise duty (SAED) on the sale of crude oil from Rs 7,100 per tonne to Rs 6,700 per tonne, effective from September 2
When was the windfall tax initially imposed on domestically produced crude oil?
The government initially imposed windfall taxes on the sales of locally produced crude oil from July 1, 2022
Why there is Change in windfall tax on domestic crude oil (imposed on domestically produced crude oil)?
The windfall tax was imposed in response to significant profits earned by production companies, which surged following Russia’s invasion of Ukraine.
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How has the levy on diesel and ATF exports changed?
The levy on diesel exports has increased from Rs 5.50 per litre to Rs 6 per litre. Additionally, the duty on jet fuel or ATF will double from Rs 2 per litre to Rs 4 per litre.
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What is the aim of increasing the levy on diesel and ATF exports?
The increase in the levy on diesel and ATF exports aims to discourage exports of these products
Are there any changes in duty on petroleum exports?
No, the Ministry of Finance has stated that there will be no duty on petroleum exports.
Why are private refiners exporting more petrol, diesel, and jet fuel?
Private refiners are exporting more petroleum products overseas due to better international prices compared to the domestic market.
What prompted these Change in windfall tax on domestic crude oil products?
These changes were made to address the high profits earned by production companies and to regulate the exports of diesel and ATF, particularly in the context of global events like the Russia-Ukraine conflict.
Disclaimer:
The content provided in this web post is for informational purposes only and should not be construed as financial advice. Readers are encouraged to consult with financial professionals before making any significant financial decisions.
