India Imposes Windfall Gain Tax On Petroleum Sector

Jul 01, 2022 03:45 PM Hindustan Times

The Indian government on Friday imposed a windfall gain tax on the petroleum sector, where firms were making abnormal profits due to geopolitical reasons to check volatility of the Indian currency against the dollar.

An Indian finance ministry official said a cess of INR 23,250 per tonne has been imposed on domestically-produced crude, and that it will impact large producers such as state-run Oil and Natural Gas Corporation and private players Reliance Industries Limited and Cairn India Limited. Small producers having less than two million barrels of annual crude output have been exempted from the levy.

Similarly, taxes have been imposed on exports of petrol and diesel at the rate of  INR 6 and INR 13 a litre. A special additional excise duty (SAED) of ₹6 per litre has also been imposed on exports of aviation turbine fuel (ATF), the official said.

“The taxes in the form of cess and SAED will have no impact on domestically consumed petrol, diesel and ATF prices,” the official said.

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