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Windfall Tax: Giving great relief to the oil marketing companies, the central government has made petroleum crude cheaper and has reduced its price from Rs 4100 per tonne to zero. In this way windfall tax on crude has been abolished and this relief has come into force from today. According to a notification of the Central Government, this information has been received. The government had imposed this windfall tax for the first time in July last year and since then this trend is going on.
Know Windfall Tax on Petrol, Diesel and ATF
The central government has left the windfall tax on petrol, diesel and aviation turbine fuel at zero. Every 15 days, based on the fluctuations in oil prices, the government reviews the windfall tax on oil and makes changes in it.
Know how was the windfall tax last time
On May 1, the government had reduced the windfall tax on petroleum crude to Rs 4100 per tonne, which in dollar terms was kept at $50.14 per tonne. On April 19, the levy on crude was increased to Rs 6400 per tonne. Apart from this, going back further, on April 4, the government had reduced the windfall tax on crude from Rs 3500 per tonne to zero.
Why was this windfall tax imposed?
Windfall tax was imposed in India for the first time in July 2022 and it was imposed on crude oil producers to levy the profit earned on selling gasoline, diesel and aviation turbine fuel outside the country. In fact, private refineries were earning more profit on these petroleum products by selling them in the international market and were trying to sell oil products there instead of the domestic market, to reduce which the government imposed this windfall tax.
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