The tax on
In the bi-weekly review of the windfall tax, the government raised the rate for diesel exports from Rs 12 per liter to Rs.13 per litre.
The levy on jet fuel was also increased from Rs 3.50 to Rs.5 per litre. The levy on diesel includes Rs 1.50 per liter Road Infrastructure Tax (RIC), the notification showed.
When the levy was first introduced, a windfall tax was levied on gasoline exports in addition to diesel and ATF. But the gasoline tax was dropped in subsequent biweekly reviews.
India imposed its first windfall tax on July 1, joining a growing number of countries taxing supernormal profits from energy companies.
At that time, export duties of Rs.6 per liter (USD 12 per barrel) each were levied on petrol and jet turbine fuel and Rs.13 per liter (USD 26 per barrel) on diesel.
A windfall profit tax was also levied on domestic crude oil production.
In the previous rounds, the rights were partially adjusted on July 20, August 2, August 19, September 1, September 16, October 1, and October 16.
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