Windfall tax imposed on crude producers, import duty on gold

 The Central government imposed a windfall tax on domestic crude oil producers, and also imposed export duties on petrol, diesel, aviation fuel etc.

The tax on domestic crude oil will impact the profitability of crude producers and provide more revenue for the government.

The government also imposed special additional excise duties of ₹6 and ₹13 per litre on export of petrol and diesel respectively. This is done to discourage the export of petrol and diesel following a shortage of fuel in the country.

Most of the private outlets have stopped supply of fuel, which made the government to resort to expanding universal service obligations. The USO will make the private secto organisations to maintain supplies at specified working hours and at reasonable prices. 

The goverment has also raised the import duty on gold from 10.75% to 15%. This will make gold more expensive. The imports of gold can be brought down tp reduce the current account deficit. India imported 107 tonnes of gold in may which is the highest in the year putting pressure on CAD.