Windfall Tax: Windfall tax on crude oil reduced from today, such a huge reduction made in one stroke

The government has reduced the windfall tax on domestically produced crude oil. This is the second consecutive cut in the windfall tax after several months of increase in the windfall tax. Information about this decision was given late on Wednesday evening.

Windfall tax has reduced so much

CBIC i.e. Central Board of Indirect Taxes said in a statement late on Wednesday evening that domestically produced Windfall tax on crude oil has been reduced. After this deduction, now windfall tax at the rate of Rs 5,700 per tonne will be imposed on domestic crude oil. Earlier, windfall tax was being levied at the rate of Rs 8,400 per tonne.

The decision came into effect from today

CBIC said in the statement that the new rates of windfall tax on crude oil will be Rs 16. Will become effective from May. This means that the decision taken to reduce the windfall tax on crude oil has come into effect from today.

Exemption on diesel-petrol-ATF remains intact

On the other hand, the government Has decided to maintain the export duty on diesel, petrol and aviation fuel i.e. ATF at zero. This means that the discount being given to domestic refiners on 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 in the markets outside the country.

This much reduction was done on May 1

Earlier on May 1 also, the government had decided to reduce the windfall tax on crude oil. In that review, the windfall tax was reduced from Rs 9,600 per tonne to Rs 8,400 per tonne. Before that the windfall tax was being increased continuously. A month ago, in the April 16 review, the windfall tax was increased from Rs 6,800 per tonne to Rs 9,600 per tonne, while in the first review of this financial year, it was increased from Rs 4,900 per tonne to Rs 6,800 per tonne.

Review is done every fortnight

Windfall tax was imposed for the first time in India on domestically produced crude oil in July 2022. Similarly, 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 them in the domestic market to earn higher margins. Windfall tax is also a type of tax imposed on exports. The government reviews it every fortnight and decides to increase or decrease it according to the international market.

Also read: New threat to Indian spices, after ban in many countries, New Zealand is investigating

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