Govt slaps export tax on petrol, diesel; windfall tax on domestic crude oil

The government on Friday slapped a Rs 6 per litre tax on exports of petrol and ATF and Rs 13 per litre on exports of diesel.

The government also slapped a Rs 23,230 per tonne additional tax on domestically produced crude oil to take away windfall gains accruing to producers from high international oil prices, a separate government notification showed.

The tax on exports follows oil refiners, particularly the private sector, reaping huge gains from exporting fuel to markets such as Europe and the US.

The tax on domestically produced crude oil follows local producers reaping windfall gains from the surge in international oil prices.

Prime Minister Narendra Modi the Goods and Services Tax (GST) as a major tax reform, saying it furthered 'Ease of Doing Business' and fulfilled the vision of 'One Nation, One Tax'.

The Goods and Services Tax (GST) was rolled out at the stroke of midnight on July 1, 2017.

"We mark #5YearsofGST, a major tax reform that furthered Ease of Doing Business' and fulfilled the vision of One Nation, One Tax'," Modi said in a tweet.

We mark #5YearsofGST, a major tax reform that furthered ‘Ease of Doing Business’ and fulfilled the vision of ‘One Nation, One Tax.’ https://t.co/fL3kJbz4ty

— Narendra Modi (@narendramodi) July 1, 2022

He tagged a tweet by Citizen engagement platform of the government of India 'MyGovIndia' which said the GST has played a key role in defining new India's economic structure and empowering citizens.