India hikes windfall tax on crude petroleum to Rs 7,100 per tonne
The Indian government has increased the windfall tax on crude petroleum to Rs 7,100 per tonne from Rs 4,250 per tonne with effect from August 15. This comes just weeks after the government had hiked the tax to Rs 4,250 per tonne from Rs 1,600 per tonne. Special Additional Excise Duty on diesel will also see a rise, being hiked to Rs 5.50 per litre from Re 1 per litre at present, and a duty of Rs 2 per litre will be imposed on jet fuel or ATF from August 15.
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