Tax reduction of Rs 2 per liter on the export of aviation turbine fuel and diesel
The government has eliminated the windfall tax on petroleum exports and lowered taxes on diesel and Aviation Turbine Fuel (ATF) exports as well as locally produced crude oil due to the decline in the price of crude oil on the international market.
The 6-rupee fuel export duty has been eliminated. The per-liter export tax on fuel and ATF has been decreased by Rs 2. Following this decrease, the duty on fuel and ATF exports will now be Rs 11 and Rs 4, respectively.
One tone of domestically produced crude now only carries a levy of Rs 17,000 rather than Rs 23,250. The government's decision will be advantageous for the government-owned businesses Oil and Natural Gas Corporation (ONGC), Vedanta, and Reliance Industries.
On the Bombay Stock Exchange, shares of Reliance Industries increased by 2.47% to close at Rs 2,501.40 (BSE). ONGC's stock increased 4% to settle at Rs 132.55. Vedanta's stock increased 6.22% to settle at Rs 253.47 a share.
It's important to note that the windfall tax went into effect on July 1. Due to the decline in the price of crude oil on the global market, the government has chosen to lower this tax.
Following the tax cuts, the price of a barrel of oil has decreased to $29, a barrel of diesel has decreased to $22, and a barrel of ATF has decreased to $8.
Most of the nation's oil is produced by state-owned ONGC, Oil India, and private sector enterprise Vedanta. The reduction in windfall tax will benefit all three businesses.
The PLI-Auto plan offers financial incentives to promote domestic production of Advanced Automotive Technology (AAT) goods and draw capital to the value chain of automotive manufacture.More
It's important to adopt new business models as the car eventually becomes a high-tech smartphone on wheels. Undoubtedly, the change calls for a new breed of thinking leaders that can quickly adapt to the shifting settings.More