look news india
New Delhi, August 17 (HS). The central government has reduced the windfall tax on domestic crude oil amid fluctuations in crude oil prices in the international market. The government has reduced the windfall tax from Rs 4,600 per tonne to Rs 2,100 per tonne. However, the rate on petrol, diesel and aviation turbine fuel (ATF) has been maintained at zero. The new rates have come into effect from Saturday.
According to the notification issued by the government, the windfall tax on domestically produced crude oil has been reduced from Rs 4,600 per tonne to Rs 2,100 per tonne. However, the additional excise duty (SAED) on petrol, diesel and ATF has been kept unchanged at zero. Earlier on August 1, 2024, the windfall tax on domestic crude oil was reduced from Rs 7 thousand per tonne to Rs 4,600 per tonne.
It is noteworthy that the windfall tax on domestically produced crude oil is reviewed every 15 days in view of the prices of crude oil in the international market. The Government of India imposed windfall tax on domestically produced crude oil for the first time in July 2022.
