India raises taxes

India has raised windfall tax on petroleum, crude oil and aviation turbine fuel, according to Jan 2 order.

It raised windfall tax on crude oil to INR2,100 ($25.38) per tonne from INR1,700 ($20.55), effective on Tuesday, the order said. The government also raised export tax on diesel to INR7.5 per litre from INR5, while raising the windfall tax on ATF to INR4.5 per litre from INR1.5.

The country in July imposed the taxes after private refiners sought overseas markets to make gains, instead of selling at lower-than-market rates in the country.

Published in The Express Tribune, January 3^rd, 2023.

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