Govt reduces providence tax on crude oil; hikes export levy on diesel, ATF by admin- Thursday, November 3rd, 2022 07:25:31 AM
The Centre has reduced the providence tax on crude oil to ₹nine,500 a tonne from ₹11,000 earlier. This exchange is powerful from November 2, in step with a government notification.
Simultaneously, the Centre has raised the unique additional excise duty on the export of aviation turbine gas from ₹three.5 a litre to ₹5 a litre. Also, the government notification confirmed that the special additional excise duty on the export of diesel has extended from ₹12 a litre to ₹thirteen a litre.
It maybe recalled that providence tax, levied as special extra excise responsibility, is geared toward absorbing the top notch profits earned via domestic crude oil producers. This providence tax is revised on a fortnightly basis.
The Centre has long past in for a cut inside the providence tax at the sale of locally produced crude oil at a time when global oil fees have in large part remained flat at round $95 in line with barrel.