Windfall taxes cut on diesel, scrapped on ATF; Crude cess up a tad
时间:2024-06-26 09:55:55 阅读(143)
Auto fuel exporters like Reliance Industries will gain as the government limited the windfall tax on such shipments to just a Rs 5/litre levy on diesel in its second review of these taxes introduced on July 1, taking into consideration the fall in their refining spreads.
However, it raised the new additional excise duty (cess) on petroleum crude marginally from Rs 17,000 to Rs 17,750 per tonne, as the trade parity prices followed by domestic oil producers like ONGC and OIL rose marginally since mid-July, in line with the global crude prices.
The tax on ATF has now been removed.
“Refining spreads have come down and hence the change in export taxes,” revenue secretary Tarun Bajaj told FE.
The taxes will move either way depending on crude prices and crack spread. Crack margins refer to the difference between the purchase price of crude oil and the selling price of finished products, such as diesel, that a refinery produces from the crude oil. While crude prices have been stable with Brent at around $100-103/barrel, cracks have declined.
猜你喜欢
- 70% of Nifty 500 stocks trading above 200 DMA
- Adani Enterprises stock exits NSE’s additional security framework after a month
- Markets Wrap – Tue, 17 Jan ‘23- Stocks surge, rupee falls; Asia, Europe markets, Gold, Crude, Crypto updates
- Adani Enterprises, Infosys, NDTV, Aurobindo Pharma, Eicher Motors, Orient Cement, Dodla Dairy stocks in focus
- MCX gold outlook- MCX December gold may rise to Rs 53000 on weakness in US dollar; go long on every dip
- Adani Enterprises withdraws FPO worth Rs 20,000 Crore; money to be returned to investors
- Adani Enterprises stock jumps 2% after disclosure on US SEC probe; dividend record date nears, AGM next month
- BofA fund manager survey shows rise in bearish bets
- A looming crisis- How India can balance its water demand and supply across sectors-