Government increases surplus tax on crude oil, diesel exports, and ATF

According to a formal decision, the government has increased the excess profit tax imposed on locally produced crude, export of diesel and ATF in response to the plumping of global oil prices.

According to a January 2 decision, the tax on crude oil produced by firms like Oil and Natural Gas Corporation (ONGC) has increased from 1,700 to 2,100 rupees per tonne.

Crude oil is refined and transformed into fuels like gasoline, diesel, and aviation turbine fuel after being extracted from the earth and from the seabed (ATF).

This news is written by Ms. Pujari Dharani, Research Assistant, All India Legal Forum.