Jammu and Kashmir News Report
Buisness

India eliminates the windfall tax on crude oil

According to a government statement, India has reduced the windfall tax on petroleum oil from 4,100 rupees ($50.13) per tonne to zero beginning May 16.
It maintained the zero windfall tax rate on gasoline, diesel, and aviation turbine fuel (ATF).
The tax on petroleum oil was reduced on May 1 from 6,400 rupees per tonne to 4,100 rupees per tonne.
India implemented the windfall tax on crude oil producers in July and increased the tax on the exports of gasoline, diesel, and ATF in response to private refiners looking to profit from strong refining margins in foreign markets.

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