[ad_1]
Windfall Tax Rate Hike In India : The Modi government of the Center has given a big blow to the domestic oil companies on Saturday. The government has announced an increase in windfall tax on windfall gains on export of diesel and air fuel (ATF). Apart from this, the duty on domestically produced crude oil has also been increased.
what the finance ministry said
The Union Finance Ministry has given information about this increase through a notification this evening. Windfall tax was first introduced by the government on July 1 and it is taxed on large profits from the sale of refined crude in foreign markets. It is also called Special Additional Excise Duty (SAED) in a way.
New rates will be applicable from tonight
After this decision, the windfall tax on export of diesel has now become Rs 12 per liter while ATF will now attract Rs 3.50 per liter tax instead of zero. At the same time, the duty on domestically extracted crude oil has been increased by Rs 3,000 to Rs 11,000 per tonne. The new rates will be applicable tonight from Sunday.
what is the reason for the increase
Let us tell you that the windfall tax is reviewed every 2 weeks. Earlier, windfall tax was cut in two consecutive fortnights, but in view of the recent increase in global crude oil prices, this time it has been decided to increase duty on crude oil, diesel and ATF.
will affect them
This decision of the central government is going to fall on both the government and private categories of companies. Private sector refinery companies Reliance and Naira Energy are major exporters of diesel and ATF. On the other hand, public sector ONGC and private sector Vedanta produce crude oil domestically. It will have an impact on all these companies.
read this also-Aadhar Card: Now the facility of Aadhaar registration will be available with the birth certificate of the newborn, will start soon
[ad_2]
Source link