News Karnataka
Saturday, December 09 2023
Business News

Centre hikes windfall tax on domestic crude oil

Rising crude oil prices to subdue rupee 1
Photo Credit : IANS

New Delhi: The Central government has hiked windfall tax on domestic crude oil and reduced the tax on export of diesel.

The tax on crude oil produced by State-owned ONGC was hiked to Rs 10,200 per tonne from Rs 9,500 per tonne, with effect from Thursday, according to a notification.

The revision in windfall tax is done every fortnight.

The government has also reduced the rate on export of diesel to Rs 10.5 per litre, from Rs 13 per litre.

The levy on diesel includes Rs 1.50 per litre road infrastructure cess.

The export tax on jet fuel though has been left unchanged, which stands at Rs 5 a litre.

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