Diesel Cess

India's role in supplying Europe is notable because it has become one of the biggest buyers of discounted Russian crude since the war broke out

The government has slashed the windfall profit tax levied on domestically-produced crude oil as well as on export of diesel and ATF following a decline in global oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut steeply to Rs 1,700 per tonne from Rs 4,900, the order dated December 15 said. Crude oil pumped out of the ground and from below seabed is refined and converted into fuel like petrol, diesel and aviation turbine fuel (ATF). The government has also cut the tax on export of diesel to Rs 5 per litre from Rs 8 and the same on overseas shipments of ATF to Rs 1.5 a litre from Rs 5. The new tax rates are effective from December 16. The reduction in tax rates follows a 14 per cent slump in global crude oil prices since November. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, exp

By trimming the part of fuel tax shared with states and raising cess to which it has sole access, Centre now may earn 30% more fuel tax than all states combined, from being 20% behind them 5 years ago

The court-ordered impost suggests confused thinking