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The central government has reduced <keyword id="20442280" type="General" weightage="20" keywordseo="windfall-tax" source="keywords">windfall tax</keyword> on crude petroleum, according to a government notification. The special additional <keyword id="20253895" type="General" weightage="20" keywordseo="excise-duty" source="keywords">excise duty</keyword> (<keyword id="20211971" type="General" weightage="20" keywordseo="saed" source="keywords">SAED</keyword>) on crude petroleum has been slashed from Rs 9,600 per tonne to Rs 8,400 per tonne. The new <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword> will come into immediate effect. The taxes on <keyword id="6356109" type="General" weightage="20" keywordseo="diesel" source="Orion">diesel</keyword>, petrol and aviation turbine fuel will continue to remain nil. The government had on April 16 raised the windfall tax on <keyword id="20201860" type="General" weightage="100" keywordseo="petroleum-crude" source="keywords">petroleum crude</keyword> to Rs 9,600 per cent tonne from Rs 6,800. A tax levied on an unforeseen or unexpectedly large profit is called a windfall tax. Meanwhile, bringing a measure of respite to the people, <keyword id="19979741" type="General" weightage="20" keywordseo="oil-marketing-companies" source="keywords">oil marketing companies</keyword> have slashed the prices of <keyword id="21488887" type="General" weightage="20" keywordseo="commercial-LPG-gas-cylinders" source="keywords">commercial LPG gas cylinders</keyword> by Rs 19 per unit with immediate effect. The retail sales price of a 19 kg commercial LPG cylinder would be now Rs 1745.50 in Delhi, sources said. Last month, the price was cut by Rs 30.50 for a 19-kg commercial cylinder at Rs 1764.50. While the precise reasons behind the <keyword id="21488889" type="General" weightage="20" keywordseo="price-decrease" source="keywords">price decrease</keyword> remain undisclosed, various factors, such as changes in <keyword id="21488888" type="General" weightage="20" keywordseo="international-oil-prices" source="keywords">international oil prices</keyword>, shifts in taxation policies, and supply-demand dynamics, likely contribute to such adjustments. Revisions for both commercial and domestic LPG (liquefied petroleum gas) cylinders typically occur on the first day of each month. (ANI)

India slashes windfall tax on crude petroleum

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, The government has hiked <keyword id="1229080" type="General" weightage="20" keywordseo="windfall-tax" source="Orion">windfall tax</keyword> on domestically produced crude oil to Rs 4,600 per tonne from Rs 3,300 per tonne with effect from Friday. The tax is levied in the form of <keyword id="20211970" type="General" weightage="20" keywordseo="special-additional-excise-duty" source="keywords">Special Additional Excise Duty</keyword> (<keyword id="20211971" type="General" weightage="20" keywordseo="saed" source="keywords">SAED</keyword>). The SAED on export of diesel, however, has been cut to nil from Rs 1.50 a litre, according to an official notification. On petrol and jet fuel or ATF, the levy has been retained at nil. The new rates are effective from March 1. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.

Govt hikes windfall tax on crude petroleum, cuts levy on diesel

New Delhi [India], April 25 (ANI): Constrained supplies of milk and wheat, coupled with a volatile international crude oil market with OPEC+ countries deciding to cut crude oil production from May 2023 are factors that may, going forward, influence the inflation outlook in India, Ministry of Finance's Monthly Economic Review report put out on Tuesday noted. Milk inflation in India has remained elevated for several months due to a growing supply-demand mismatch. Milk production has been impacted by a Lumpy Skin Disease (LSD) infecting millions of cattle in late 2022, its prices also rose because of high fodder and transportation costs. To meet the growing demand and considering the fact that the supply of milk in the ensuing summer season being a lean season may be less, the Ministry of Fisheries, Animal Husbandry and Dairying earlier this month said there were demands from several dairy cooperatives for the import of conserved dairy commodities - milk fat and powder. The ministry also added since the process of import takes time, the necessary back-end processes for need-based imports are being put in place to timely manage the situation in case of any eventuality. For wheat, there were reports from various key growing states that unseasonal rains have flattened standing crops in some regions. Wheat, a rabi crop was in an advanced maturing stage and was expected to hit mandis in a fortnight or so. "Although the second advance estimate has projected a record foodgrain production, the crop damage caused by unseasonal rains and hailstorms in some parts of the country since mid-March may constrain wheat production, besides perishable items such as fruits and vegetables," the Ministry of Finance's monthly report said. A survey conducted by Agri Watch, an Indian market information and analysis firm specialising in agricultural commodities, has estimated India's wheat production of 102.89 million tonnes in the 2022-23 crop season, reduced from 104.24 million tons (estimated in March 2023) due to unseasonal rains and hail storm faced by key wheat producing states towards the end of March. The estimates were based on the survey conducted in two phases across nine states- Bihar, Gujarat, Haryana, Madhya Pradesh, Maharashtra, Rajasthan, Punjab, Uttar Pradesh, and West Bengal. Notably, last year, too, the wheat crop was affected, not due to rains but heatwaves. That came on top of the conflict in Ukraine. Global <keyword id="3854307" type="General" weightage="20" keywordseo="wheat-prices" source="Orion">wheat prices</keyword> have shown substantial volatility in the past year as both the countries -- Ukraine and Russia -- are two major suppliers of wheat. Multiple rounds of heat waves in several wheat-growing regions in India before the rabi harvest last year affected crops. Wheat pods in the mature stage typically shrink if overexposed to heat. To manage the overall food security of the country as well as meet the needs of the neighbouring and other vulnerable countries amid the double whammy, India then amended the export policy of wheat by putting its export under the "prohibited" category, which is still in force. RBI has been engaged in necessary policy actions to counter inflationary pressures and support growth. The Reserve Bank of India, in its first monetary policy review meeting in 2023-24, decided to keep the key benchmark interest rate -- the repo rate -- unchanged at 6.5 per cent, to assess the effects of the policy rate tightening done so far on various macroeconomic parameters. Barring the recent pause, RBI has so far raised the repo rate, the rate at which it lends to banks, by 250 basis points cumulatively since May 2022 in the fight against inflation. In the US, the interest rate is currently at 4.75 to 5.00 per cent, which was near zero during the initial days of the pandemic. Raising interest rates is a monetary policy instrument that typically helps suppress demand in the economy, thereby helping the inflation rate decline and vice versa. The RBI sees retail inflation declining to 5.2 per cent in the full year of 2023-24, lower than the 5.5 per cent attained in 2021-22 -- which was mostly free of the impact of the Russia-Ukraine conflict. In India, headline consumer price index-based (CPI) inflation (or retail inflation) has gradually declined from its peak of 7.8 per cent in April 2022 to 5.7 per cent in March 2023. (ANI)

Constrained milk, wheat supplies amid volatile crude market raise inflation concern in India

<ul><li>M&amp;M, Ashok Leyland and Tata Motors have recovered from their intraday low.</li><li>Gadkari while speaking at a SIAM conference had said that the rising level of pollution is a health hazard for citizens.</li><li>There is no such proposal currently under active consideration by the government, said Gadkari in is clarification</li></ul> The auto index, <keyword id="3540651" type="General" weightage="20" keywordseo="Nifty-Auto" source="Orion">Nifty Auto</keyword>, recovered from its 400 point or approximately 2.5% fall after Union Minister <keyword id="26680" type="General" weightage="50" keywordseo="nitin-gadkari" source="Orion">Nitin Gadkari</keyword> clarified on Tuesday clarified his '10% additional <keyword id="18747014" type="General" weightage="60" keywordseo="GST-on-diesel-vehicles" source="Orion">GST on diesel vehicles</keyword>' comment made earlier in the morning. At the time of updating the story, the index is 1.6% in the red. Auto stocks had fallen sharply after Gadkari said he will seek a "<keyword id="2169429" type="General" weightage="60" keywordseo="pollution-tax" source="Orion">pollution tax</keyword>" in the form of additional <keyword id="6354679" type="General" weightage="80" keywordseo="gst" source="Orion">GST</keyword> of 10% on diesel vehicles and gensets in order to cut down on air pollution. This in turn has dragged the stocks down as most of the commercial vehicles in the country currently run on diesel. At the time of updating, Mahindra and Mahindra is down 1.7% but shown a recovery from the 3.48% slide. Ashok Leyland has now recovered slightly too and is down 2.4% while Tata Motors which had slipped 2.8% is now down 1.8%. The Road and Transport Minister has subsequently clarified his comment on X (formerly Twitter). He said that that there is no such proposal currently under active consideration by the government. <div type="twitter" handle="nitin_gadkari" handlename="nitin_gadkari" favoritecount="0" retweetcount="0" id="1701501884324860043"></div> Earlier, speaking at the 63rd Annual SIAM convention Delhi, the Union Road Transport and Highways Minister said the rising level of pollution is a health hazard for citizens. "I am going to handover a letter to the Finance Minister this evening stating that an additional 10% GST be put on diesel-powered vehicles," Gadkari said. In the passenger vehicle segment, various carmakers including Maruti Suzuki India and Honda have already stopped manufacturing diesel cars. Gadkari said the contribution of diesel cars has already come down drastically in the country and the manufacturers need to stop selling them in the market. Terming diesel as a hazardous fuel, he noted that the country has to import the fuel to meet the demand. "Say goodbye to diesel... Please stop making them, otherwise we will just increase the tax so much that it would become difficult to sell diesel cars" Gadkari said. He said he will propose additional GST on diesel-powered generators as well. Automobiles are currently taxed at 28% GST, with additional cess ranging from 1% to 22% depending on the type of vehicle. SUVs attract the highest GST at the rate of 28% along with a compensation cess at 22%. Gadkari also asked the industry to focus on environment-friendly alternative fuels like ethanol. He also asked the industry to focus on green hydrogen. Explained: <a href="https://www.businessinsider.in/policy/economy/news/what-is-ethanol-blending-current-targets-and-challenges-for-india/articleshow/103460113.cms" data-type="tilCustomLink" target="_blank">What is ethanol blending and what are the challenges faced by India</a>

You Searched For "diesel price in india" and got 4 results

India slashes windfall tax on crude petroleum

ANI

Govt hikes windfall tax on crude petroleum, cuts levy on diesel

PTI

Constrained milk, wheat supplies amid volatile crude market raise inflation concern in India

ANI

Auto stocks recover after Gadkari clarifies his '10% additional GST on diesel vehicles' comment

BI India Bureau

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