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According to a government order announced on Thursday, the government increased its windfall tax on petroleum crude to ₹4,600 a metric tonne from ₹3,300 with effect from March 1.
With effect from March 1, India also lowered the windfall tax on diesel from ₹1.50 per litre to zero. Fuel for aircraft turbines and gasoline will remain tax-free. On February 16, the government increased the windfall tax on petroleum crude from ₹3,200 to ₹3,300 per metric tonne, and increased the tax on fuel from ₹0 to ₹1.5 per litre.
India imposed a windfall tax on crude oil producers from July 2022 and extended the levy on exports of gasoline, diesel and aviation fuel, as private refiners wanted to sell fuel overseas to gain from robust refining margins instead of selling locally. The government revises the tax fortnightly.
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