Government hikes windfall tax on petroleum crude to 4600 rupees from today Diesel SAD

Windfall Tax: Making a major change in the Windfall Tax, the Central Government on Thursday has decided to increase the windfall tax on domestic petroleum crude. The government has issued a notification on this matter informing that the windfall tax on export of domestic crude oil has been increased from Rs 3,300 to Rs 4,600 per metric ton.

This relief given on diesel

Apart from this, the government has decided to reduce the special duty on export of diesel. It has been reduced from Rs 1.50 per liter to zero. Whereas, no tax will be imposed on petrol and jet fuel i.e. Aviation Turbine Fuel (ATF) as before. The new rates have come into effect from March 1, 2024.

Windfall tax has been increased earlier also

Earlier, in the review meeting held on 15 February 2024, the government had decided to increase the windfall tax on domestically produced crude oil. It was increased from Rs 3,200 per tonne to Rs 3,300 per tonne. At the same time, the tax on diesel was increased from zero to Rs 1.5 per liter.

What is windfall tax?

The Government of India imposes tax on companies on the profits made from trading in crude oil and other petroleum products. This is a kind of additional custom duty. The government had decided to impose windfall tax on crude oil for the first time in July 2022. Apart from crude oil, the Indian government also imposes it on the export of petrol, diesel and aviation fuel. It is reviewed every 15 days.

In the meeting held on Thursday, the government has not imposed any tax on petrol and aviation turbine fuel. In such a situation, it remains at zero and there is no special excise duty on them.

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