look news india
Big news may come for the general public before the election results. The government has reduced the windfall tax on domestically produced crude oil from Rs 8,400 per tonne to Rs 5,700 per tonne. Before this, the government was continuously increasing the windfall tax. Now he is cutting taxes for the second consecutive time. This tax is levied in the form of Special Additional Excise Duty (SAED).
SAED has been kept 'nil' on exports of diesel, petrol and jet fuel or ATF. CBIC i.e. Central Board of Indirect Taxes has said in one of its orders that the new rates are coming into effect from May 16. Let us tell you that till May 16, the price of petrol in Delhi is Rs 94.72 per liter. Whereas diesel is available at the price of Rs 87.62 per liter.
Tax was last reduced on May 1
Let us tell you that after continuously increasing the tax, the government for the first time decided to reduce the windfall tax on crude oil on May 1. In that review, the unexpected tax was Rs. 9,600 per tonne to Rs. 8,400 per ton.
Earlier, windfall tax was being increased continuously. In the review dated April 16, a month ago, the windfall tax was Rs. 6,800 per tonne to Rs. 9,600 per tonne whereas in the first review of this financial year it was Rs. 4,900 per tonne to Rs. 6,800 per ton.
Tax imposed for the first time in 2022
India was the first country to impose the windfall tax on July 1, 2022, joining the list of countries that tax profits of energy companies. Similarly, duty was also imposed on export of diesel, petrol and aviation fuel. Many private refiners used to export diesel, petrol and ATF instead of selling in the domestic market to earn more profits. Windfall tax is also a type of tax imposed on exports. The government reviews it every fortnight and decides to increase or decrease it according to the international market.