Thursday, May 23, 2024

New Delhi: Central government's decision to reduce windfall tax on crude oil











New Delhi, Leading News Service: The central government decided late on Wednesday (15th) night to increase the windfall tax on crude oil produced in the country to Rs 5,700 per tonne. Earlier, the windfall tax on crude oil produced in the country was Rs 8,400 per tonne. The government has decided to reduce the windfall tax by Rs 2,700 per tonne. This decision of the government has given relief to entrepreneurs and businesses in the country.

The Central Board of Indirect Taxes has decided to reduce the windfall tax. The government took this decision after continuously increasing the windfall tax on crude oil. The new rates of windfall tax on crude oil have come into effect from Thursday (Dec 16). On the other hand, the government has decided to keep the export duty i.e. ATF on diesel, petrol and aviation fuel at zero. This means that the concession given to domestic refiners on exports of diesel, petrol and ATF will continue in future as well. This will continue to benefit the domestic companies. which operate refineries and sell products like diesel, petrol and ATF in the overseas market.

Meanwhile, on May 1, the government had decided to reduce the windfall tax on crude oil. In that decision, windfall tax was increased from Rs 9,600 per tonne to Rs 8,400 per tonne. Before that, the windfall tax was continuously increased. A month ago, in the April 16 decision, the windfall tax was increased from Rs 6,800 per tonne to Rs 9,600 per tonne, while in the first decision of this financial year it was increased from Rs 4,900 per tonne to Rs 6,800 per tonne.

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