Government Hikes Windfall Tax On Crude To 2300 Per Tonne Know Details Of It

Windfall Tax: In the new year, the Modi government has given a shock to the oil companies and decided to increase the windfall tax on crude oil. It has increased to Rs 2,300 per tonne. This decision has been taken in the review meeting on the tax imposed on export of petroleum products on Monday. On the other hand, it has been decided to reduce the tax on diesel and aviation turbine fuel or jet fuel. The government has given this information through a notification.

How much was the windfall tax increased?

According to the notification issued by the government on January 1, the windfall tax on crude oil has been increased from Rs 1,300 per tonne to Rs 2,300 per tonne. At the same time, the tax of Rs 0.5 per liter on diesel has been abolished and reduced to zero. Earlier, in the meeting held on December 19, the government had reduced the windfall tax on domestically produced crude oil from Rs 5,000 per tonne to Rs 1,300 per tonne. Whereas SAED on diesel was reduced from Re 1 to Rs 0.50 per liter.

Tax reduced on ATF

On one hand, the government has increased the tax on crude oil, while on the other hand it has been decided to reduce the tax on jet fuel i.e. aviation turbine fuel. It has been reduced from Rs 0.50 per liter to zero. The tax on petrol is still zero. Earlier, in the review meeting held on December 19, it was decided to reduce the tax on ATF by reducing it from Re 1 per liter to Rs 0.50 per liter.

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