New Delhi, 02 December (HS). After the fall in the price of crude oil in the international market, the Central Government has abolished the 30-month-old windfall tax on the export of domestically produced crude oil products diesel, petrol and aviation turbine fuel (ATF). Has given.
Minister of State for Finance Pankaj Chaudhary presented a notification in the Rajya Sabha on Monday, in which this information has been given. According to the notification, windfall tax on crude oil produced by companies like government-owned Oil and Natural Gas Corporation has been abolished. Now refining companies exporting petrol and diesel will not have to pay any windfall tax. Along with this, the windfall tax imposed on crude products has also been removed.
What is windfall windfall tax?
The windfall tax is a special tax on domestically produced crude oil production, imposed by the government in July 2022 to raise revenue from windfall profits for producers following rising global crude prices.
Three months ago, the government had reduced the windfall tax on domestically produced crude oil exports from Rs 2,100 per metric tonne to Rs 1,850 per metric tonne. This change was last implemented from August 31, which the government used to review every 15 days.
It is noteworthy that for the first time on July 1, 2022, the Central Government had imposed windfall tax on domestically produced crude oil. At present, there are many countries which collect tax on the huge earnings of energy companies.
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Hindusthan News / Prajesh Shankar
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