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<ul><li>The <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword> will be tabled by the finance minister Nirmala Sitharaman on July 23.</li><li>The <keyword id="20081557" type="General" weightage="20" keywordseo="auto-industry" source="keywords">auto industry</keyword>’s expectations from the Budget 2024 include FAME 3 scheme, incentives for hybrids and more.</li><li>Here are the key expectations from the auto industry for the Budget 2024.</li></ul> The Budget 2024 is set to be tabled on July 23 by the finance minister Nirmala Sitharaman and like each sector, the Indian auto industry also has set a lot of expectations from the Narendra Modi-led government’s first budget of its third term. From a boost to electric vehicles to infrastructure development, the auto sector has a series of expectations that it hopes will be addressed in the upcoming budget. This article delves into the key budget expectations of the auto industry in India <h2>FAME 3 scheme</h2>The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME 2) has been integral for the electric vehicle (EV) makers as it has helped keep EVs affordable for the common man. With the government<a href="https://www.businessinsider.in/business/auto/news/government-is-reportedly-reworking-the-fame-ii-scheme-to-ensure-companies-use-domestic-components/articleshow/93752352.cms"> reworking</a> the FAME 2 scheme and then<a href="https://www.businessinsider.in/business/auto/news/electric-scooters-get-a-price-hike-of-up-to-16000-as-fame-subsidy-ends/slidelist/109136771.cms"> ending the scheme</a>, the prices of EVs have increased. <div type="Article" hostid="261" msid="111573138" title="Union Budget 2024: When will it be presented, what time, where to watch and what are various sectors expecting?" mstype="2" mssubtype="0"></div> With Budget 2024, EV makers will look towards the government for the FAME 3 scheme. The government is expected to announce the FAME 3 scheme with an outlay of ₹10,000 crore. While the exact details of the scheme will only be known once the budget is announced, it will be aimed at boosting demand by subsiding the cost, while also promoting local manufacturing of key components. “In the upcoming budget, we advocate for initiatives and subsidy structures without segment caps which will in turn foster innovation and growth across multiple segments. Recent discussions surrounding the implementation of FAME 3 present a notable opportunity to enhance EV adoption in India,” said Niraj Rajmohan, CTO and Co-Founder, Ultraviolette. "Proposed measures to promote e-buses and enhance payment security are crucial for accelerating sustainable transportation. Comprehensive support for the entire EV ecosystem is essential. Anticipated policy reforms like FAME-III and increased funding for critical EV segments will foster holistic industry growth," said Kartikey Hariyani, Founder and CEO, Charge Zone. <h2>Petrol and diesel under GST</h2>One of the frequent demands recently has been to bring petrol and diesel under goods and services tax (GST) to bring the fuel prices under control. Oil Minister Hardeep Singh Puri has said that the government will try to bring petrol and diesel under GST. At present, the central government levies excise duty on petrol and diesel, while the state government imposes value-added tax (VAT) and sales tax. <h2>Incentives for hybrids</h2>While electric vehicles have long been subsidised by both state and central governments, hybrids have not received the same love. Union Minister Nitin Gadkari had earlier this year<a href="https://www.businessinsider.in/business/auto/news/gadkari-vows-to-eliminate-petrol-diesel-vehicles-in-india-bats-for-lower-tax-for-hybrid-cars/articleshow/108936085.cms"> pitched</a> for lower GST on hybrid vehicles. “The proposal to reduce GST on hybrid vehicles to 5% and to 12% for flex engines has been sent to the Finance ministry which is considering the requisition,” Gadkari said. Companies like Maruti Suzuki have a strong presence in hybrids and have a lot to gain from incentives, while companies like Tata Motors who do not have hybrid technology may take a hit on EV sales. With the government looking to reduce dependence on petrol and diesel cars, hybrids may finally get some incentives in the upcoming budget. The UP government has already started offering incentives to select hybrid cars. <h2><keyword id="22433272" type="General" weightage="20" keywordseo="vehicle-scrapping" source="keywords">Vehicle scrapping</keyword></h2>Industry bodies such as the Society of Indian Automobile Manufacturers (SIAM) have sought incentives for vehicle scrapping. These are vehicles that have crossed a certain age and are being scrapped keeping in mind the pollution. While a policy is already in place, the stakeholders are looking for increased incentives, especially for commercial vehicles such as trucks and buses, which account for most of the emissions. <h2>PLI scheme</h2>Automakers are also looking for increased incentives under the Production Linked Incentive (PLI) scheme, for both ICE and EVs. Companies want the scheme to be expanded to more components, including tyres, which have seen a lot of changes. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/the-biggest-ipos-in-indias-history-lic-to-paytm-companies-that-have-raised-the-most-funds/articleshow/111690863.cms">The biggest IPOs in India’s history – LIC to Paytm, companies that have raised the most funds</a> <a href="https://www.businessinsider.in/business/auto/news/its-raining-discounts-maruti-suzuki-hyundai-tata-motors-and-others-offer-discounts-on-cars-as-sales-slowdown/articleshow/111688501.cms">It’s raining discounts – Maruti Suzuki, Hyundai, Tata Motors and others offer discounts on cars as sales slowdown</a> <a href="https://www.businessinsider.in/business/news/zomato-and-swiggy-increase-platform-fee-by-20-food-deliveries-to-get-costlier/articleshow/111758782.cms">Zomato and Swiggy increase platform fee by 20% – food deliveries to get costlier</a>

Budget 2024 Expectations: FAME scheme, aid for vehicle scrapping and other expectations of the auto industry

As part of his ambition to make <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> a green economy, Union minister <keyword id="19897455" type="General" weightage="20" keywordseo="nitin-gadkari" source="keywords">Nitin Gadkari</keyword> wants to slash GST on hybrid vehicles and has vowed to rid the country entirely of the over 36 crore petrol and diesel vehicles. "One hundred per cent," <keyword id="19934966" type="General" weightage="20" keywordseo="gadkari" source="keywords">Gadkari</keyword>, the Union Minister for Road Transport and Highways, said when asked whether it is possible for India to get rid of petrol and diesel cars altogether. "It is difficult but not impossible. This is my vision," Gadkari said in an interview to PTI. He said India spends Rs 16 lakh crore on fuel imports. This money will be used for improving the life of farmers, villages will be prosperous and the youth will get employment, the minister said. Gadkari did not give any timeline to meet this ambitious target which even proponents of green energy believe is mind bogglingly difficult. The proposal to reduce GST on hybrid vehicles to five per cent and to 12 per cent for flex engines has been sent to the Finance ministry which is considering the requisition, Gadkari said. The minister said he firmly believes the country can end fuel import by promoting the use of biofuels. Environmental activists welcomed Gadkari's vision for increasing green mobility, but also struck a word of caution by flagging the use of fossil fuels in the production of electricity. "In India, we are still heavily dependent on a fossil fuel-based energy system to power electric cars, and this needs to be changed. There is urgent need to ensure 100 per cent renewable energy alongside electric vehicles to tackle the climate crisis," <keyword id="21152150" type="General" weightage="20" keywordseo="avinash-chanchal" source="keywords">Avinash Chanchal</keyword>, a campaigner for Greenpeace India, told PTI. Gadkari said he has been pitching for alternative fuels since 2004 and is confident things will change in the coming five to seven years. "I cannot give you a date and year for this transformation to take place as it is very difficult. This is difficult but not impossible," Gadkari asserted. He said he firmly believes that given the speed with which electric vehicles are being introduced, the coming era will be of alternative and biofuels and this dream will come true. Gadkari said auto companies such as Bajaj, TVS and Hero are also planning to manufacture motorcycles using flex engines and auto rickshaws using similar technology too were on the way. "I roam around in a car that runs on hydrogen. You can see electric cars in every other household. People who used to say this was impossible, have changed their views now and started believing in what I have been saying for the last 20 years," the minister said. "Tatas and <keyword id="19906966" type="General" weightage="20" keywordseo="ashok-leyland" source="keywords">Ashok Leyland</keyword> have introduced trucks that run on hydrogen. There are trucks that run on LNG/CNG. There are 350 factories across the country of bio-CNG," he said. "Definitely, a revolution is taking place. The fuel imports will end and this country will become self-reliant - <keyword id="19952544" type="General" weightage="20" keywordseo="atmanirbhar-bharat" source="keywords">Atmanirbhar Bharat</keyword>. I strongly believe in this," Gadkari said. SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/ussd-based-call-forwarding-to-be-suspended-soon-to-curb-fraud/articleshow/108933705.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/ussd-based-call-forwarding-to-be-suspended-soon-to-curb-fraud/articleshow/108933705.cms" target="_blank">USSD-based call forwarding to be suspended soon to curb fraud</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-april-2024/slidelist/108869757.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-april-2024/slidelist/108869757.cms" target="_blank">Upcoming cars and two-wheelers launching in India in April 2024</a><a href="https://www.businessinsider.in/tech/apps/news/from-ai-photo-editing-to-international-upi-payments-here-are-upcoming-whatsapp-features/articleshow/108815797.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/from-ai-photo-editing-to-international-upi-payments-here-are-upcoming-whatsapp-features/articleshow/108815797.cms" target="_blank">From AI photo editing to international UPI payments, here are upcoming WhatsApp features</a>

Gadkari vows to eliminate petrol, diesel vehicles in India, bats for lower tax for hybrid cars

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

New Delhi, The government on Tuesday increased the <keyword id="14716344" type="General" weightage="20" keywordseo="windfall-profit-tax" source="Orion">windfall profit tax</keyword> on <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword> produced in the country and reduced the levy on exports of diesel. The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil was increased to Rs 9,800 per tonne from Rs 9,050 a tonne, according to an official notification. SAED on the export of diesel was reduced to Rs 2 per litre from Rs 4 a litre and on <keyword id="19342328" type="General" weightage="20" keywordseo="jet-fuel-or-ATF" source="Orion">jet fuel or ATF</keyword> to nil from Rs 1, the notification said. SAED on export of petrol will continue to be zero. The new tax rates will come into effect from Wednesday. India first imposed <keyword id="2378386" type="General" weightage="20" keywordseo="windfall-profit" source="Orion">windfall profit</keyword> taxes on July 1 last year, joining a growing number of nations that tax supernormal profits of energy companies. At that time, export duties of Rs 6 per litre (USD 12 per barrel) each were levied on petrol and ATF and Rs 13 a litre (USD 26 a barrel) on diesel. A Rs 23,250 per tonne (USD 40 per barrel) windfall profit tax on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) was also levied. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks. A windfall tax is levied on domestic crude oil if rates of the global benchmark rise above USD 75 per barrel. Export of diesel, ATF and petrol attract the levy if product cracks (or margins) rise above USD 20 per barrel. Product cracks or margins are the difference between crude oil (raw material) and finished petroleum products. International crude oil prices averaged USD 90.17 per barrel in October. The levy on domestic crude oil dropped to nil in the first half of April as international crude oil prices fell but was back in the second half in step with a rise in rates. Levy on diesel became nil in April but the levy was brought back in August. Levy on ATF became nil in March and was brought back in second half of August. The export tax on petrol was scrapped in the very first review. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF). Reliance Industries Ltd, which operates the world's largest single-location oil refinery complex at Jamnagar in Gujarat, and Rosneft-backed Nayara Energy are primary exporters of fuel in the country.

Govt hikes windfall profit tax on crude oil, cuts levy on diesel exports

<ul><li>EV penetration is set to reach 6-8% by FY27 compared to a mere 1.3% in FY23 as per a CRISIL report.</li><li>The total cost of acquisition (<keyword id="21010615" type="General" weightage="20" keywordseo="tca" source="keywords">TCA</keyword>) is lower for EVs but the total cost of ownership (<keyword id="19896738" type="General" weightage="20" keywordseo="tco" source="keywords">TCO</keyword>) is higher as compared to other variants, says the report.</li><li>For e-cabs, the TCA is higher than that of TCO but charging infra and other factors play a crucial role in adoption.</li></ul> <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">Electric Vehicles</keyword> (EVs) are here to take over the auto market. In the US, this growing trend is close to reaching double digits in terms of penetration among personal vehicles. Even in India, the penetration is growing as domestic manufacturers increasingly gravitate towards the EV segment. In addition to Tata Motors’ EV versions of Nexon, Tigor and <keyword id="20075324" type="General" weightage="20" keywordseo="tiago-ev" source="keywords">Tiago EV</keyword> and MG’s ZS — many other automakers are entering the EV lane too. Foremost among them is <keyword id="19909974" type="General" weightage="20" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword>, which is planning to launch its first EV by 2025, and Renault’s electric Kwid, Zoe and KZE are also expected to come to India soon. MG Motor India already has a couple of fairly successful EV models and plans to introduce many more soon. For foreign brands like Tesla, policy roadblocks on imports, proved to be a limiting factor so far. However, the <a href="https://www.businessinsider.in/business/auto/news/new-ev-policy-elon-musks-tesla-may-soon-enter-india-as-import-taxes-slashed-for-electric-vehicles/articleshow/108527306.cms">recent changes in the Indian policy landscape</a> lower the import taxes if the companies commit to manufacturing in India in the subsequent years. Such policy incentives are likely to attract even more global EV brands to India. But what do these new models of new-age tech cars mean to car buyers sitting on the fence? As per a recent analysis by CRISIL, the total cost of ownership (TCO) or total cost of ownership of passenger vehicles could work in favour of EVs in the next three years for Indian buyers. So, how does the math work for prospective owners? TCA is lower but the TCO may remain higher TCO includes the purchase price of a particular asset, plus operating costs over the asset’s life span. As of FY22, the TCO of EVs was 20-30% higher than that of all three variants which is petrol, diesel and CNG. “In FY27, we expect the economics to again remain the same. However, despite not-so-favourable cost economics, higher adoption has been witnessed initially by environment-conscious buyers,” said CRISIL. The latest analysis agrees with the <a href="https://journals.sagepub.com/doi/10.1177/0361198120947089">earlier research</a> from <keyword id="20691574" type="General" weightage="20" keywordseo="world-resources-institute-india" source="keywords">World Resources Institute India</keyword> (<keyword id="20336071" type="General" weightage="20" keywordseo="wri-india" source="keywords">WRI India</keyword>) on TCO in India. The study highlighted that the TCO for EVs for personal use remains higher and may require additional financial incentives to be economically viable. The total cost of acquisition (TCA) on the other hand is lower for EVs as compared to other variants. TCA of an EV is 24% lower than that of a diesel variant, and 4% lower for a petrol variant. The TCA for an EV and a CNG variant is the same. This is due to lower registration charges for EVs amid high loan-to-value (LTV) ratios. Overall, the report expects EV penetration in the passenger vehicle segment to reach 6-8% by FY27 from a mere 1.3% in FY23. Meter down: How do EVs fare as cabs? Unlike in the PV segment, the cost dynamics are reversed for cab aggregators who want to drive in the EV lane – where even though the TCA is higher, TCO remains lower. In FY22, the TCO of EVs for cab aggregators was lower than that of petrol and diesel vehicles by around 29% and around 19%, respectively. However, the TCO of EVs is still higher than that of a CNG variant by around 13% even for commercial use. This is due to the higher running of a commercial passenger vehicle and high fossil fuel prices. The FAME-II subsidy provided by the Government of India incentivises the adoption of EVs for commercial use, including 2-wheelers, 3-wheelers, and buses for public transport. However, the TCA of an EV for a cab aggregator is still around 17% higher than that of a diesel vehicle, 26% higher than a petrol vehicle, and around 16% higher than a CNG variant. “In FY27, we expect the TCA of EVs to be lower than that of diesel and petrol variants, but higher than that of a CNG variant,” says CRISIL. The report expects the cab aggregator segment to lead the drive towards EVs, resulting in a 4% EV penetration by FY26. The taxi segment accounts for 10-15% of sales within passenger cars. However, a few challenges continue to linger, limiting the wider adoption of e-cabs on the road. A limited number of charging stations range anxiety and lack of large original equipment manufacturer (OEM) presence are hindering EV adoption. EVs used for personal use, however, are mostly charged at home, and charging infrastructure does not play a very high role there. “The lower battery cost (due to expected localisation led by the phased manufacturing programme or PMP) is expected to offset the lack of FAME subsidy and will help maintain the competitiveness of EVs against diesel and CNG variants for cab aggregators in the long run,” says CRISIL.

Electrifying auto market: Planning to buy an EV, compare their price with petrol, diesel and CNG variants

<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

<keyword id="19896016" type="General" weightage="20" keywordseo="New-Delhi" source="keywords">New Delhi</keyword>: The 54th Meeting of the <keyword id="21275205" type="General" weightage="20" keywordseo="Goods-and-Services-Tax-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="Goods and Services Tax Council" meta.hostid="261" meta.entityid="Goods and Services Tax Council">Goods and Services Tax Council</keyword> or GST Council, will be held on 9th September 2024 in New Delhi, the GST Council said in a post on social media platform "X" on Tuesday. On June 22, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman said that the next meeting of the GST Council will take place in mid to late August. The aim of this meeting will be to discuss the pending issues of the last meeting. The council is expected to discuss rate rationalisation and compliance, among others. The GST Council, consisting of the Union Finance Minister and representatives from all States and Union Territories, was established to make decisions on various aspects of GST, including <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword>, exemptions, and administrative procedures. It played a crucial role in shaping the GST framework in India. The last meeting of the GST Council was held on 22 June 2024 this year. During the meeting, the council recommended relaxation to taxation, Input Tax Credit (ITC) claims and demand notices. The GST Council proposes exemptions for specific services offered by Indian Railways to the general public, as well as for intra-railway transactions. During the 53rd meeting of the council, it proposed an exemption for specific services offered by Indian Railways to the general public, as well as for intra-railway transactions. The sale of platform tickets and services such as retiring rooms, waiting rooms, cloakroom facilities, and battery-operated car services are now exempt from GST. The 53rd council meeting was marked by several key decisions aimed at easing the compliance burden and providing relief to taxpayers. "Today's <keyword id="20115983" type="General" weightage="100" keywordseo="GST-Council-meeting" source="keywords">GST Council meeting</keyword> has taken a lot of decisions on trade facilitation, easing compliance burden and relief to taxpayers in terms of compliance easing out," the Finance Minister had said. The GST Council recommended waiving interest penalties on demand notices issued under Section 73 of the GST Act for fiscal years 2017-18, 2018-19, and 2019-20. The Council, in its June 22 meeting, approved an extension for availing input tax credit (ITC) on any invoice or debit note. To curb government litigation, the Council has recommended setting monetary thresholds for filing appeals by departments: Rs 20 lakh for the GST appellate tribunal, Rs 1 crore for high courts, and Rs 2 crore for the Supreme Court. In a move to assist small taxpayers, the Council, in its last meeting, extended the deadline for furnishing returns from April 30 to June 30 for the fiscal year 2024-25 and subsequent years. The Council, in its last meeting, recommended the phased rollout of biometric-based Aadhaar authentication for GST registration applicants across India. The Council recommended a uniform GST rate of 12 per cent on all milk cans, regardless of their material (steel, iron, or aluminium), to eliminate disputes. The Finance Minister, during the last GST meeting, reiterated the central government's intent to bring petrol and diesel under the Goods and Services Tax (GST) framework. She highlighted that the groundwork for this inclusion was laid during the initial implementation of GST and emphasized that the decision now lies with the state governments. The central government has long maintained that incorporating petrol and diesel into GST would streamline tax rates and potentially reduce prices for consumers.

54th GST Council meeting to take place on September 9 in New Delhi

New Delhi, The government on Tuesday cut special additional excise duty (<keyword id="2978612" type="General" weightage="80" keywordseo="saed" source="Orion">SAED</keyword>) on <keyword id="163117" type="General" weightage="20" keywordseo="crude-petroleum" source="Orion">crude petroleum</keyword> to Rs 9,050/tonne with effect from October 18. In the last fortnightly review on September 29, <keyword id="1229080" type="General" weightage="20" keywordseo="windfall-tax" source="Orion">windfall tax</keyword> on domestically produced crude oil was set at Rs 12,100/tonne. Besides, the SAED or duty on export of diesel will be reduced to Rs 4/litre, from Rs 5 per litre currently. The duty on jet fuel or ATF will be reduced to Rs 1/litre from Rs 2.5/litre currently. SAED on petrol will continue at nil. India first imposed windfall profit taxes on July 1, 2022.

Govt cuts windfall tax on domestic crude, export of diesel, ATF

The government has hiked the windfall profit tax on the export of diesel to ₹1 per litre while the levy on domestically produced crude oil has been cut by a fifth, according to an official order. The levy on crude oil produced by companies such as <keyword id="64243" type="General" weightage="80" keywordseo="oil-and-natural-gas-corporation" source="Orion">Oil and Natural Gas Corporation</keyword> (ONGC) has been reduced to Rs 3,500 per tonne from Rs 4,400 per tonne, the order dated March 20 said. The government raised the tax on export of diesel to Re 1 per litre from Rs 0.50, and the same on overseas shipments of ATF remains at nil. The new tax rates come into effect from March 21, the order said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF). The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks. India first imposed windfall profit taxes on July 1 last year, joining a growing number of nations that tax super normal profits of energy companies. At that time, export duties of Rs 6 per litre (USD 12 per barrel) each were levied on petrol and ATF and Rs 13 a litre (USD 26 a barrel) on diesel. A Rs 23,250 per tonne (USD 40 per barrel) windfall profit tax on domestic crude production was also levied. The export tax on petrol was scrapped in the very first review and that on ATF was done away with at the last review on March 4. <keyword id="6487" type="General" weightage="80" keywordseo="reliance-industries-ltd" source="Orion">Reliance Industries Ltd</keyword>, which operates the world's largest single-location oil refinery complex at Jamnagar in Gujarat, and Rosneft-backed <keyword id="6594278" type="General" weightage="80" keywordseo="nayara-energy" source="Orion">Nayara Energy</keyword> are primary exporters of fuel in the country. The government levies tax on windfall profits made by oil producers on any price they get above a threshold of USD 75 per barrel. The levy on fuel exports is based on cracks or margins that refiners earn on overseas shipments. These margins are primarily a difference between the international oil price realised and the cost. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/amazon-deepens-tech-gloom-as-503-firms-lay-off-1-5-lakh-employees-this-year/articleshow/98855180.cms">Amazon deepens tech gloom as 503 firms lay off 1.5 lakh employees this year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/three-out-of-four-premium-smartphones-sold-in-2022-were-an-iphone/articleshow/98855033.cms">Three out of four premium smartphones sold in 2022 were an iPhone</a>

Windfall tax on diesel export hiked to ₹1 per litre

<keyword id="59783" type="General" weightage="20" keywordseo="jet-fuel" source="Orion">Jet fuel</keyword> (ATF) price was on Thursday reduced by 2.3 per cent, reflecting softening international oil prices but <keyword id="6367091" type="General" weightage="80" keywordseo="petrol" source="Orion">petrol</keyword> and diesel rates remained on freeze for a record eighth month in running. <keyword id="31907" type="General" weightage="20" keywordseo="aviation" source="Orion">Aviation</keyword> Turbine Fuel (ATF) price was cut by Rs 2,775 per kilolitre, or 2.3 per cent, to Rs 1,17,587.64 per kl in the national capital, according to a price notification of state-owned fuel retailers. The rate reduction, which will provide relief to airlines for whom fuel makes for almost 40 per cent of the operating cost, comes on the back of a Rs 4,842.37 per kl, or 4.19 per cent, reduction last month. ATF price is revised on the 1st of every month based on the average rate of international benchmark and foreign exchange rates. Petrol and diesel prices, however, continued to remain on freeze for a record eighth month in a row. Petrol costs Rs 96.72 per litre in the national capital and diesel comes for Rs 89.62. State-owned fuel retailers are supposed to revise petrol and diesel prices daily based on a 15-day rolling average of benchmark international <keyword id="61430" type="General" weightage="20" keywordseo="fuel-prices" source="Orion">fuel prices</keyword> but they haven't done that since April 6. Prices were last changed on May 22 when the government cut excise duty to give relief to consumers from a spike in retail rates that followed a surge in international oil prices. Also, after seven reductions, the price of commercial LPG, whose rate too is revised on the 1st of every month, remained unchanged on Thursday. A 19-kg commercial LPG cylinder, which is used by hotels, restaurants and other business establishments, continues to cost Rs 1,744 in the national capital. In seven cuts, rates had previously come down by Rs 610 per 19-kg cylinder. However, rate of LPG used in household kitchens remained unchanged at Rs 1,053 per 14.2-kg cylinder. Rates differ from state to state depending on the incidence of local taxes.

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