{"id":90625,"date":"2023-02-16T13:40:00","date_gmt":"2023-02-16T08:10:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=90625"},"modified":"2023-02-16T13:37:45","modified_gmt":"2023-02-16T08:07:45","slug":"biz-windfall-tax-cut","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-windfall-tax-cut\/","title":{"rendered":"Govt cuts windfall tax on crude oil, export of diesel and ATF"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1642691844\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>The government has cut windfall profit tax on export of diesel and ATF to their lowest while also reducing the levy on domestically-produced crude in line with softening international oil prices, according to an official order.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-686992181\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut to Rs 4,350 per tonne from Rs 5,050 per tonne, the order dated February 15 said.<\/p><p>Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF).<\/p><p>The government has also cut the tax on export of diesel to Rs 2.5 per litre from Rs 7.5, and the same on overseas shipments of ATF to Rs 1.50 a litre from Rs 6 a litre.<\/p><div class=\"trade-content_5\" id=\"trade-2124456703\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>The new tax rates come into effect from February 16.<\/p><p>The reduction follows an increase in the levy effected earlier this month.<\/p><p>The export levy on diesel is the lowest since the tax was introduced in July last year. The rate on export of jet fuel (ATF) equals the lowest rate hit in second half of December.<\/p><p>The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.<\/p><p>India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, export duties of Rs 6 per litre (USD 12 per barrel) each were levied on petrol and ATF and Rs 13 a litre (USD 26 a barrel) on diesel.<\/p><p>A Rs 23,250 per tonne (USD 40 per barrel) windfall profit tax on domestic crude production was also levied.<\/p><div class=\"trade-content-10\" id=\"trade-1293161354\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>The export tax on petrol was scrapped in the very first review.<\/p><p>Reliance Industries Ltd, which operates the world&#8217;s largest single-location oil refinery complex at Jamnagar in Gujarat, and Rosneft-backed Nayara Energy are primary exporters of fuel in the country.<\/p><p>The government levies tax on windfall profits made by oil producers on any price they get above a threshold of USD 75 per barrel.<\/p><p>The levy on fuel exports is based on cracks or margins that refiners earn on overseas shipments. These margins are primarily a difference between the international oil price realised and the cost. PTI ANZ ANZ ANU ANU<\/p><div class=\"trade-after-content\" id=\"trade-1781410075\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>The government has cut windfall profit tax on export of diesel and ATF to their lowest while also reducing the levy on domestically-produced crude in line with softening international oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":27772,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1697,31],"tags":[],"class_list":["post-90625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Govt cuts windfall tax on crude oil, export of diesel and ATF - Trade Brains Features<\/title>\n<meta name=\"description\" content=\"The government has cut windfall profit tax on export of diesel and ATF to their lowest while also reducing the levy on domestically-produced crude in line with softening international oil prices, according to an official order.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/?p=90625\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt cuts windfall tax on crude oil, export of diesel and ATF\" \/>\n<meta property=\"og:description\" content=\"The government has cut windfall profit tax on export of diesel and ATF to their lowest while also reducing the levy on domestically-produced crude in line with softening international oil prices, according to an official order.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tradebrains.in\/features\/?p=90625\" \/>\n<meta property=\"og:site_name\" content=\"Trade Brains Features\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/TradeBrainsOfficial\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-16T08:10:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/03\/Crude-Oil-2-Cover-Image.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"854\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"PTI News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/03\/Crude-Oil-2-Cover-Image.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:site\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"PTI News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tradebrains.in\/features\/?p=90625\",\"url\":\"https:\/\/tradebrains.in\/features\/?p=90625\",\"name\":\"Govt cuts windfall tax on crude oil, export of diesel and ATF - 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