Windfall Tax: Windfall tax increased on crude oil, exemption on diesel-petrol and ATF continues

The government has decided to increase the windfall tax on domestically produced crude oil. The government shared an update about the windfall tax late on Wednesday evening, in which this information was given.

Now the windfall tax will be charged this much

In the new decision, the windfall tax on crude oil has been increased. Has gone. Till now, windfall tax was being imposed on crude oil at the rate of Rs 4,900 per tonne. Now the windfall tax rates have increased to Rs 6,800 per tonne. The new rates have become effective from 4th April i.e. today. This windfall tax is for domestically produced crude oil.

Zero export duty on these fuels

On the other hand, the government has reduced the export duty on diesel, petrol and aviation fuel i.e. ATF to zero. Has been retained. This means that the current exemption for export of diesel, petrol and ATF is going to continue in future also. This will continue to benefit those domestic companies which run refineries and sell refined products like diesel, petrol and ATF outside the country.

There was an increase in March also

Crude. Talking about windfall tax on oil, this is the second consecutive increase. Earlier on March 15, the government had increased the windfall tax on crude oil to Rs 4,900 per tonne. Before March 15, windfall tax of Rs 4,600 per tonne was being imposed on crude oil.

This is how windfall tax is imposed

India was the first to impose windfall tax on crude oil. Was installed in July 2022. At the same time, duty was also imposed on the export of diesel, petrol and aviation fuel. Many private refiner companies were exporting diesel, petrol and ATF instead of selling it in the domestic market to earn higher margins. Windfall tax is also a type of tax imposed on exports. This is levied as special additional excise duty. Every fortnight the government reviews it and decides to reduce or increase the windfall tax keeping in mind the international circumstances.

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