Windfall tax
Centre increases windfall tax on petroleum crude to Rs 9,800/ton
New Delhi: The Centre on Tuesday increased the windfall tax on petroleum crude from Rs 9,050/ton to Rs 9,800/ton, effective from November 1, a government notification said.
The notification also mentioned that the windfall tax on aviation turbine fuel has been completely eliminated from 1 rupee per litre, and the tax on diesel has been reduced to Rs 2/litre from Rs 4/litre.
Due to supply constraints and geopolitical tensions, crude oil prices are currently trading at approximately $85 per barrel.
In the previous review on October 17, the government had lowered the special additional excise duty (SAED) on crude petroleum to Rs 9,050/ton, starting from October 18.
In July 2022, India introduced the windfall tax on crude oil producers and extended the tax to exports of gasoline, diesel, and aviation fuel.
This decision was made after private refiners expressed interest in profiting from favourable refining margins in international markets rather than selling domestically.
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