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.
The Cabinet has approved a Rs 7,145.14 crore, 117.7-km access-controlled greenfield highway between Kanpur and Kabrai on NH-34 in Uttar Pradesh. The BOT toll project is designed to cut travel time from 3.5 hours to 1.5 hours, strengthen links to the Kabrai mining belt and Bundelkhand corridor, and lower logistics friction for freight, construction material and agricultural movement.
NHAI has launched Multi-Lane Free Flow tolling at Manoharpura Toll Plaza on the Delhi-Jaipur section of NH-48 in Rajasthan. The barrier-free FASTag and ANPR system matters because it cuts toll-stop idling on a busy highway corridor, but users now need proper FASTag balance and must clear any e-notice within 72 hours to avoid double charges.
India has reset windfall-linked export duties from July 1, 2026 by raising the levy on petrol exports to Rs 4 per litre while cutting diesel and aviation turbine fuel export duties to Rs 8.50 and Rs 7.50 per litre respectively. The move matters because it changes refining economics, export incentives and the downstream pressure points that can eventually shape domestic fuel availability, airline costs and broader transport pricing.
State-run oil companies cut the 19-kg commercial LPG cylinder price by Rs 183.50 from July 1, 2026 and reduced aviation turbine fuel by Rs 5 per litre to about Rs 110 in Delhi. The move offers relief to restaurants, hotels and airlines, but household LPG, petrol and diesel users are still waiting.
