CRUDE TAX
Centre hikes windfall tax on crude oil to Rs 7,000 per tonne
The Indian government has increased the windfall tax on domestically produced crude oil to Rs 7,000 per tonne, up from Rs 6,000 per tonne, effective from July 16. This tax, imposed as Special Additional Excise Duty (SAED), was previously raised on July 1 from Rs 3,250 per metric ton. The export duty on diesel, petrol, and Aviation Turbine Fuel (ATF) remains at zero.
Windfall tax on petroleum crude hiked to Rs 6,000 per tonne
India's progressive tax reforms in the energy sector aim to hold energy companies accountable for extraordinary profits, fostering a more equitable financial landscape. The government's strategic measures, including windfall profit taxes and regulatory adjustments, demonstrate a commitment to transparency and fairness in the industry, setting a precedent for responsible economic practices.
India raises windfall tax on petroleum crude
The Indian government has increased the windfall tax on petroleum crude to Rs 6,000 per metric ton from Rs 3,250, effective July 2, as stated in a notification issued on Monday. This tax is reviewed every two weeks. In July 2022, India began taxing crude oil production and the export of gasoline, diesel, and aviation fuel.
Budget 2024: Give the middle-class tax benefits & cut fuel excise, India Inc tells Finance Ministry
Budget Expectations: FICCI has proposed simplifying the capital gains tax system by categorizing assets into equity instruments, debt, and other assets with specific rates for long-term and short-term gains. They have also advocated for uniform tax rates for residents and non-residents.
Rupee slips 1 paisa to settle at 83.44 against US dollar
The rupee paired its initial gains and settled 1 paisa lower at 83.44 (provisional) against the US dollar on Wednesday in sink with the domestic equity markets that turned choppy at the fag-end of the session.
Rupee rises 6 paise to 83.37 against US dollar in early trade
Rupee remains steady at 83.37 against the US dollar driven by various factors including foreign capital inflow, equity market performance, and positive economic indicators.
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Duty evasion up to Rs 1 crore may not lead to jail term
India proposes to decriminalise provisions in the central excise law, aiming to remove imprisonment for minor duty evasions and reduce penalties. The proposed Central Excise Bill 2024 seeks to modernise provisions, align with GST laws, govern taxation of tobacco and petroleum products, and operate in an automated online mode.
Centre slashes windfall tax on crude oil to Rs 3,250 per tonne
The new rates will be effective June 15, 2024, Central Board of Indirect Taxes and Customs ( CBIC) said in a late night notification Friday.
India cuts windfall tax on petroleum crude
India reduced the windfall tax on petroleum crude to 3,250 Indian rupees per metric ton from 5,200 rupees on June 15. The tax for diesel and aviation turbine fuel remained at zero. The tax is revised every fortnight and the recent adjustment was made on June 1.
OPEC+ says goodbye to its $100-a-barrel oil quest
The OPEC+ cartel appears to be shifting away from its pursuit of $100-a-barrel oil, announcing a deal to gradually increase production through 2025. This move could lower oil prices and ease global inflation, impacting market dynamics and Saudi Arabia's financial outlook as it seeks to balance grandiose spending plans with declining oil revenues.
Rupee surges 38 paise to 83.04 against US dollar in early trade
The rupee strengthened to a three-month high of 83.04 against the US dollar on Monday, supported by positive sentiment in domestic equity markets fueled by strong macroeconomic data and exit poll results favoring PM Narendra Modi's government.
Windfall tax on crude slashed to ₹5,200/tonne
Centre slashes windfall gains tax on domestically-produced crude to ₹5,200 per tonne from ₹5,700 per tonne effective June 1, 2024. No change in export duty on petrol, diesel, and ATF.
Govt cuts windfall tax on petroleum crude
The Indian government has cut the windfall tax on petroleum crude to 5200 Indian rupees ($62.33) per metric ton from 5700 rupees, with effect from June 1, according to a notification issued on Friday.
ONGC Q4 Results: Net profit jumps 19 times to Rs 9,869 crore
India's top oil and gas producer had made a provision of Rs 9,235 crore in the January-March 2023 quarter towards disputed taxes for the period from April 1, 2016, to March 31, 2022.
America is joining its frenemies back in the fossil fuel club
US President Joe Biden imposed tariffs on Chinese clean technology imports to support the US clean technology industry against China's dominance.
India slashes windfall tax to Rs 5,700 per tonne, effective May 16
The Centre reduced windfall gains tax on domestically produced crude to Rs.5700 per tonne from Rs 8,400 per tonne, effective May 16, 2024. Export duty on petrol, diesel, and ATF remains nil. The new rates were announced by CBIC in a late-night notification on Wednesday, following the revision of rates on May 1.
India revises windfall tax to Rs 8,400 per tonne, effective May 1
The export duty on petrol diesel and aviation turbine fuel (ATF) will continue to be nil. The new rates will be effective May 1, the central board of Indirect Taxes and Customs( CBIC) said in a late night notification Tuesday. The government had on April 16 raised the windfall tax on petroleum crude to 9,600 rupees a metric ton from 6,800 rupees.
India cuts windfall tax on petroleum crude
The tax, which is revised every fortnight, was left unchanged at zero for diesel and aviation turbine fuel. The government had on April 16 raised the windfall tax on petroleum crude to 9,600 rupees a metric ton from 6,800 rupees.
Govt raises windfall tax on petroleum crude
The government had previously raised the windfall tax on petroleum crude to 6,800 rupees per metric ton from 4,900 rupees on April 4.
Govt hikes windfall tax on crude petroleum to Rs 6,800 per tonne
The government has increased the windfall tax on domestically produced crude oil to Rs 6,800 per tonne from Rs 4,900 per tonne, effective from April 4. This tax, implemented as Special Additional Excise Duty (SAED), aims to regulate the petroleum industry and ensure the prioritization of domestic fuel over exports. Notably, the export duty on diesel, petrol, and ATF will remain at zero.
Centre hikes windfall tax on petroleum crude
Government raised windfall tax on petroleum crude to 4,900 rupees/tonne from 4,600 on March 16 through SAED. Diesel tax increased to Rs 1.5/litre on Feb 16.
Govt hikes windfall tax on petroleum crude
India also cut the windfall tax on diesel to zero from Rs 1.50 per litre effective March 1, the order showed. The tax on petrol and aviation turbine fuel will continue to be nil.
India hikes windfall tax on petroleum crude, diesel
The Indian government has increased the windfall tax on petroleum crude Rs 3,300 a metric ton from Rs 3,200 with effect from February 16, according to a notification released on Thursday. It will also increase a windfall tax on diesel, that had been reduced to zero, to Rs 1.50 a litre, the order showed.
Govt raises windfall tax on petroleum crude to Rs 3,200/tonne
From July 2022, India imposed a windfall tax on crude oil producers, and extended the levy on exports of gasoline, diesel and aviation fuel as private refiners wanted to sell fuel overseas to make gains from robust refining margins instead of selling locally.
Deadline to levy additional duty on unblended diesel deferred
The Indian government has extended the deadline for implementing an additional ₹2 per litre tax on unblended diesel to April 1, 2025. The tax, aimed at promoting biofuels and reducing crude imports, was initially announced in the FY23 budget. The move aligns with India's commitment to enhance domestic crude production, increase ethanol blending, and focus on renewables to cut crude imports by 10% to 67% by 2025.
India keeps edible oil import duty lower until March 2025, imposes 50% export tax on molasses
India has extended lower import duty on edible oil by a year until March 2025, extending the lower duty structure on crude palm oil, crude sunflower oil, and crude soy oil. The decision was expected to keep prices in check ahead of elections. The government also imposed a 50% duty on exports of molasses, a by-product of sugarcane used for alcohol production.
Govt cuts windfall tax on petroleum crude to Rs 1,700 per tonne
The Government of India has reduced the windfall tax on petroleum crude from Rs 2,300 per tonne to Rs 1,700 per tonne, effective from January 16. The windfall tax was sharply increased on January 2 from Rs 1,300 per tonne. India introduced windfall profit taxes on July 1, 2022, to tax supernormal profits of energy companies.
Windfall tax on crude hiked to Rs 2,300 per tonne
In its last review on December 18, the government had sharply cut the windfall profit tax on crude oil produced in the country to Rs 1,300 per tonne from Rs 5,000 earlier. The export duty on diesel was also cut from Re one per litre to 0.50 while that on ATF was hiked from nil to Re one.
India raises windfall tax on crude by Rs 1,000; removes taxes on diesel, ATF
Petrol, Diesel Rates: India has significantly increased the windfall profit tax on crude oil from Rs 1,300 to Rs 2,300 per tonne. Simultaneously, New Delhi abolished the tax on diesel and aviation turbine fuel (ATF), maintaining the absence of windfall taxes on petrol. Previously, windfall taxes of 50 paise per litre and one rupee per litre applied to diesel and ATF, respectively, which have now been eliminated. These revised rates came into effect on January 2, 2024.
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