Centre slashes windfall gains tax on domestically-produced crude to ₹5,200 per tonne from ₹5,700 per tonne effective June 1, 2024. No change in export duty on petrol, diesel, and ATF.
The Centre on Saturday slashed windfall gains tax on domestically-produced crude to ₹5,200 per tonne from earlier ₹5,700 per tonne.
The export duty on petrol diesel and aviation turbine fuel (ATF) will continue to be nil. #Elections with ET Lok Sabha Exit Poll Results 2024: Track all updates here The new rates will be effective June 1 2024, the Central Board of Indirect Taxes and Customs ( CBIC ) said in a late night notification Friday.
On May 16, the Centre had revised windfall tax on domestically produced crude oil to ₹5,700 down from ₹8,400 per tonne.
On April 16, the Centre raised the windfall tax on petroleum crude to ₹9,600 per tonne from ₹6,800, after firming of crude oil prices in the international market.
It was further slashed to ₹8,400 per tonne.
India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax extraordinary profits of energy companies.
The rates are reviewed every fortnight based on international crude oil prices in the previous two weeks.
Tata Motors Passenger Vehicles is planning to invest Rs 37,500-40,000 crore over the next five years, up to FY31, as it targets a bigger production base, more models and annual sales of over 1.2 million units. ET also reported that the company wants revenue to cross Rs 6 lakh crore by FY31 with a 10 percent EBIT margin, with EVs and CNG models doing much of the heavy lifting. For buyers, the story is less about balance-sheet ambition and more about what kind of cars Tata wants to sell next.
Union Petroleum Minister Hardeep Singh Puri says petrol and diesel rates in India may ease once recently bought cheaper crude reaches refiners, after global oil prices cooled and Brent slipped below $80 a barrel. The signal matters because India imports most of its crude, so any sustained fall can filter through to motorists, freight users and inflation. But the relief is unlikely to be immediate, because fuel prices depend on inventory cycles, logistics and how quickly oil companies pass on lower input costs.
Union Petroleum Minister Hardeep Singh Puri says petrol and diesel rates in India may ease once recently bought cheaper crude reaches refiners, after global oil prices cooled and Brent slipped below $80 a barrel. The signal matters because India imports most of its crude, so any sustained fall can filter through to motorists, freight users and inflation. But the relief is unlikely to be immediate, because fuel prices depend on inventory cycles, logistics and how quickly oil companies pass on lower input costs.
Toyota has started deliveries of the Urban Cruiser Ebella electric SUV in India, turning the model from launch headline into a real-world ownership story. The top-spec E3 is priced at Rs 23.60 lakh ex-showroom, while Toyota is also offering a Battery-as-a-Service route that lowers the entry price to Rs 15.25 lakh and charges Rs 4.99 per km for battery use. For EV buyers, this is the point where Toyota’s first mass-market electric SUV begins proving itself on the road.
