Windfall Tax Revised By Government: On one hand the government has given relief to the petroleum companies of the country and on the other hand it has also given a blow. The government has changed the windfall tax on crude, diesel and aviation fuel from today. On the one hand, the government has increased the windfall tax on crude oil, while on the other hand, it has cut additional duty on the export of diesel and air turbine fuel (ATF).
How much has changed in Windfall Tax?
Windfall tax on crude oil has been increased marginally and it has increased from Rs 4,359 per tonne to Rs 4,400 per tonne. At the same time, the export duty of diesel has been reduced from Rs 2.5 per liter to Rs 0.5 per litre. At the same time, the tax on the export of Air Turbine Fuel (ATF) has been abolished. All these taxes have come into effect from today i.e. March 4, 2022.
What is windfall tax?
Explain that windfall tax is specially imposed on such companies which earn huge profits due to their special status. For the first time, the central government had decided to impose windfall tax on petroleum products from July 1, 2022. At that time the government had announced that this tax would be imposed on petrol as well as diesel, ATF. At that time, an export duty of Rs 6 per liter was imposed on petrol and ATF and Rs 13 per liter on diesel. At the same time, a windfall profit tax of Rs 23,250 per tonne was imposed on domestic production of crude oil.
Government earned Rs 25,000 crore
Giving information about this in Parliament on Monday, the government said that after the imposition of Special Additional Excise Duty (SAED), the government has earned a total of Rs 25,000 crore in this financial year. This has been done through windfall tax on exports of crude oil, petrol, diesel and air turbine fuel.
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