look news india
Windfall Tax on Crude: The government on Thursday increased the windfall tax on domestically produced petroleum by Rs 100 per tonne. Windfall tax on crude oil has been increased from Rs 3200 per tonne to Rs 3300 per tonne from Friday. This tax is levied in the form of Special Additional Excise Duty SAED. According to an official notification, SAED on diesel exports has also been increased from zero to Rs 1.50 per litre.
Windfall tax on crude petroleum
According to the notification issued by the Finance Ministry, the windfall tax on petroleum crude has been increased by Rs 100. Whereas additional charges on petrol and ATF will be zero. From February 16, state-owned oil companies like ONGC will have to pay a windfall tax in the form of special additional excise duty of Rs 3,300 per tonne on domestically produced crude oil. The government has taken this decision after the recent increase in crude oil prices. In the same month, the government has increased the special additional excise duty on domestic crude oil production from Rs 1700 per tonne to Rs 3200 per tonne. Let us tell you here that the government reviews the windfall tax every 15 days. It is reviewed based on the current oil prices in the market.
When
Windfall tax is imposed by the government on windfall profits of oil marketing companies. This is called windfall tax. Windfall tax is imposed on companies or industries that have suddenly made large profits despite changing circumstances. The central government introduced tax on windfall profits for the first time on July 1, 2022. Apart from India, windfall tax is imposed on oil/energy companies in many countries.