Windfall Tax: Today the government has reduced the windfall tax on crude petroleum oil and even before this on November 16, the central government had made an unexpected tax cut on crude oil.
Windfall Tax: The Central Government has made a big cut in the windfall tax on crude oil. From today, windfall tax on crude petroleum oil has been reduced to Rs 5000 per tonne. Last month, till November 30, 2023, the windfall tax on crude petroleum oil was Rs 6300, which means today there has been a reduction of Rs 1300 per tonne.
The government had also reduced the windfall tax in the last review meeting in November.
Earlier on November 16, the Central Government had reduced the windfall tax on crude petroleum oil from Rs 9800 per tonne to Rs 6300 per tonne. That means a full deduction of Rs 3500 per tonne was made in it.
Earlier on October 31, windfall tax was increased
On October 31, the Central Government had increased the windfall tax on export of petroleum crude from Rs 9050 per tonne to Rs 9800 per tonne. Today, a change has been seen in the prices of ATF and a change has also been seen in the tax rates on it.
What is windfall tax?
The central government decides the rates of windfall tax and export tax on the export of crude oil in the country and for this a review meeting is held every 15 days. Seeing the trend of crude oil prices in the last two weeks, the Government of India changes the rates of windfall tax on crude oil in the country.
Windfall tax on petrol, diesel and ATF
The central government had started the process of changing the windfall tax on petrol, diesel and aviation turbine fuel every 15 days from July 2022. The government reviews and changes the windfall tax on oil based on fluctuations in global prices.
