Windfall Tax: Government reduced windfall tax on domestic crude oil and diesel exports, know when it will be implemented

Windfall Tax: Government reduced windfall tax on domestic crude oil and diesel exports, know when it will be implemented

Windfall Tax: The central government on Tuesday reduced the windfall tax on crude oil produced in the country to Rs 9,050 per tonne. Earlier, in the 15-day review ending September 29, the unexpected windfall tax on crude in the country was increased to Rs 12,200 per tonne.

Windfall tax also reduced on diesel

Apart from this, Windfall Tax (SAED) on export of diesel has been reduced to Rs 4 per liter from Rs 5 per litre. These new rates will become effective from today i.e. October 18, before this on September 15 also the government had increased it from Rs 6700 per tonne to Rs 10,100 per liter. Similarly, the duty on aircraft fuel ATF has been reduced from Rs 2.5 per liter to Re 1 per liter. Special additional excise duty on petrol will remain zero as before. 

Know the highlights of the previous review

In the last review, the government had decided to reduce the windfall tax on diesel export from Rs 5.50 to Rs 5 per liter. Apart from this, windfall tax on Aviation Turbine Fuel (ATF) was reduced and it was reduced from Rs 3.50 to Rs 2.50.

When was windfall tax imposed in the country

For the first time in the country, windfall tax was imposed on these petroleum products on July 1, 2022, through which the government had decided to earn profit on the profits made by oil companies. The government imposes windfall tax on the profits made by oil companies. In order to earn domestic profits, oil companies avoid selling oil abroad instead of in India, to curb this windfall tax is imposed. The government usually reviews the windfall tax every 15 days.

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