The central government on Monday reduced the windfall tax on domestic production of crude petroleum oil by Rs 900 from Rs 4,400 per tonne to Rs 3,500 per tonne.
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Windfall Tax: The government has given a big relief to the petroleum companies of the country. Central government on Monday crude petroleum oil The windfall tax on domestic production of sugar was reduced by Rs 900 from Rs 4,400 per tonne to Rs 3,500 per tonne. This has increased the export duty on diesel from Rs 0.50 to Re 1 per liter while keeping both petrol and aviation turbine fuel (ATF) exempt from export levy. This new rate will be effective from March 21. Due to this decision of the government, the rates of diesel have increased for the common people.
Earlier, on March 4, the government had increased the levy on locally produced crude oil from Rs 4,350 per tonne to Rs 4,400 per tonne. Although now it has been reduced. Export duty on diesel was reduced to Rs 0.5 per liter and export duty on ATF was abolished.
Know when the windfall tax was imposed for the first time
India imposed a windfall tax for the first time on July 1, 2022 by imposing an export duty of Rs 6 per liter on petrol and ATF and Rs 13 per liter on diesel. A windfall profit tax of Rs 23,250 per tonne was also imposed on domestic crude oil production. The fee is revised every fortnight based on international crude oil prices.
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Government taxed Rs 25,000 crore
The Center had earlier told Parliament that it has earned Rs 25,000 crore from the Special Additional Excise Duty (SAED) for the current financial year, imposed on the windfall tax. The government has earned this through windfall tax on exports of crude oil, air turbine fuel and petrol and diesel. Due to this, the government has got more profit.
Source: www.tv9hindi.com
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