FUEL EXPORT DUTY
EU slaps Chinese electric cars with tariffs of up to 38%
The European Union imposed provisional duties of up to 38 per cent on Chinese electric car imports due to alleged unfair state subsidies, sparking concerns of a trade war. The move was criticised by China as "politically motivated" and "protectionist." European countries are divided on the issue, with Germany fearing harm to its auto industry. Talks with China continue, with hopes for a negotiated solution to avoid escalating tensions.
Trade routes in turmoil: Why Indian exports are piling up in Colombo and Singapore
About 75% of India's transshipped cargo is handled at ports outside India, and the major trade routes connecting India to various destinations, including Colombo, Singapore, and Port Klang, are currently experiencing strain.
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.
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.
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.
Government working to help exporters deal with countervailing duty cases
The government is developing a verification system for exporters under the RODTEP scheme to ensure compliance with countervailing duties. This system will involve a joint mechanism with DGFT, DGTR, and DoR officials to check subsidy allegations on Indian products.
- Go To Page 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.
Natural gas should come under GST regime, says GAIL chairman Sandeep Kumar Gupta
GAIL chairman Sandeep Kumar Gupta said the government should mandate the use of natural gas in refineries and steel making, and make emissions a factor in the merit order for electricity despatch to help gas-based power compete with coal-based supply. He also said natural gas should come under the goods and services tax (GST) regime, production-linked incentive (PLI) should be extended to LNG-powered vehicles and GST on CNG-powered vehicles should be slashed to 5% from 28%, on a par with electric vehicles (EVs).
A Gates-backed startup is making fuel from water and carbon dioxide
Since its Corpus Christi facility came online in October, Sacramento, California-based Infinium has become one of the first e-fuel makers in the world to turn industrial-scale production from a concept into a reality.
Buses will see more traction in electric technology as compared to trucks: Vinod Aggarwal, VECV
It was basically recovering from the COVID period. And now, I would say you are right that the nominal GDP growth is 12%, 13%, the CV industry overall should grow better than that and we will see that happening I think in the future, it will happen.
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.
View: Federal finance must globalise, with states allowed a bigger share of investments
As the world globalizes, the role of governments in national economies is rising. FPIs can invest in state government debt, but they do not. The Centre is hesitant to let state governments market their debt to migrants aggressively. Migrant workers have a calculus that is a little more generous than that of FPIs, when it comes to investing in their home states. Why prevent state governments from tapping into this fount of generosity?
Healthcare, education, fintech to be key beneficiaries of India-UAE pact: CII President
CII President R Dinesh believes the ambitious USD 100 billion non-oil trade target between India and the UAE by 2030 is achievable. The 2022 free trade agreement has already spurred significant bilateral trade and investments, with the UAE now India's top non-oil trading partner. The comprehensive pact covers various sectors, fostering growth, and facilitating global supply chains.
Now, be a jolly good export
India's weak export performance compared to China, Vietnam, and Bangladesh highlights the need for improvement. Export performance declined in April-August 2023. To address this, suggestions include managing the exchange rate, overhauling institutions, reviewing EPZs, and implementing state- and sector-specific export promotion policies.
Red Sea ‘sharks’ threaten to wreck India’s economic plans tied to exports
As global disruptions put export targets under a cloud, the government has taken a cautious approach by setting flexible export goals. Experts say now is the time to expedite FTA talks to stabilise the situation.
Brent below $80/bbl, is the time ripe for Modi govt to cut fuel prices before elections?
Amid Brent Crude's drop below $80 per barrel, India's Modi government may consider a fuel price reduction before upcoming general elections, aiming to ease the financial burden on consumers. The Bharatiya Janata Party, eyeing a third consecutive term, may leverage the recent decline in oil prices to address living costs, benefiting from state-run oil marketing companies' increased margins.
Centre slashes Windfall tax to Rs 1,300/ tonne
The centre has also reduced export duty on diesel to Rs 0.50 per litre from one per litre while it increased export duty on Aviation Turbine Fuel (ATF) to Rs one per liter from earlier nil duty.
Commerce ministry to help exporters maintain proper documentation to deal with US countervailing duty cases
Before imposing countervailing or anti-subsidy duty (CVD), a country carries out detailed investigations on products which it believes that its trading partner is subsidising for export purposes.
Russia cuts September seaborne diesel exports to meet domestic shortage
Russia has reduced its seaborne diesel and gasoil exports by almost 30% in September due to local refineries undergoing maintenance and a fuel shortage in the domestic market. This has led to rising prices and the government is considering imposing an export duty of $250 per ton on oil products from October 1 until June 2024.
Centre hikes windfall tax to Rs 10,000 per tonne, slashes duty on diesel, ATF
The export duty on diesel was slashed to Rs 5.50 per litre from 6 per litre earlier and reduced duty on Aviation Turbine Fuel (ATF) to Rs 3.50 per litre from the earlier Rs 4 litre. The new rates will be effective from September 16. Export duty on Petrol will remain nil.
Govt cuts windfall tax on domestic crude, hikes duty on diesel, ATF
The Indian government has reduced the windfall gain tax on domestically produced crude oil to ₹6,700 per tonne from ₹7,100 per tonne. The export duty on diesel has been increased to ₹6 per litre from ₹5.50 per litre, while the duty on Aviation Turbine Fuel (ATF) has been increased to ₹4 per litre from ₹2 per litre.
Imports of low ash Met Coke under Safeguard duty probe scanner
The Directorate General of Trade Remedies (DGTR) has initiated a Safeguard duty (Quantitative Restrictions) investigation concerning imports of low ash metallurgical coke (Met Coke) into India. Met coke is used as a primary fuel in furnaces of steel, chemical, Ferro alloy, and pig iron plants. DGTR will be investigating imports of the commodity from April 2022 to March 2023.
Windfall tax reimposed on local crude oil; duty on diesel exports scrapped
The export duty exemption for petrol and aviation turbine fuel (ATF) will continue. In the last revision the Centre had reduced the windfall profit tax on domestically produced petrol to zero while it has halved the levy on the export of diesel to ₹0.50 per litre. The duty will be effective from April 19, according to a notification issued by the Central Board of Indirect Taxes and Customs.
Cases under probe for fraud, misdeclaration of material not to be covered under FTP's amnesty scheme
The government announced the new FTP on March 31. It included an amnesty scheme for exporters for one-time settlement of default in export obligation by the holders of advance and EPCG authorisations. Under the scheme, all pending cases of the default in meeting export obligation (EO) of certain authorizations can be regularised by the authorisation holder on payment of all customs duties that were exempted in proportion to unfulfilled EO and interest at the rate of 100 per cent of such duties exempted.
Windfall tax hiked marginally to Rs 4400, export duty on ATF scrapped
Exports of petrol will continue to attract nil duly. The new rates will be applicable from March 4. India imposed windfall profit taxes on July 1, 2022, by imposing export duties of ₹6 per litre on petrol and ATF and ₹13 a litre on diesel.
India may cut cess on ATF, diesel export in fifth revision of windfall tax, sources say
India may cut cess on domestic crude production, ET Now reported citing unnamed sources. New Delhi may also lower duty on export of ATF and diesel, the sources said. Overseas shipment of petrol will likely continue to be exempted from windfall tax, they added. This will be the fifth revision of windfall tax since it's implementation on July 1.
Frequent tinkering of windfall tax creates uncertainty: Experts
"Though certainly tinkering these rates frequently creates its own uncertainty, however considering the high level of prices (crude prices consistently above $100/bbl, crack spreads of gasoil above $30/bbl etc) a number of countries have imposed windfall taxes and accordingly as a measure per se, India is not the only country to implement this," Prashant Vasisht, Vice President and Co-Head, Corporate Ratings, ICRA Limited said.
Is India back to managing macro-stability?
The imposition of export duty on oil products is estimated to garner Rs 655 billion on an annual basis. But it comes as a detriment to corporate profits, just like the earlier move to impose a 15% export duty on steel has made steel exports uneconomical, thereby increasing inventory level and depressing price realization for steel players in the domestic markets.
Use the latest fall to buy into Reliance: Pankaj Murarka
“While refining companies were enjoying super normal gross refining margins, the stock had responded but not completely priced in the super normal gross refining margins. It was expected that at some point of time, there is always a risk that the government might want to take some part of that super normal profits on them to fund the local fuel subsidy.”
Load More
