The center reduced the windfall tax on domestically produced crude oil on Friday from Rs 5,200 per tonne to Rs 3,250 per tonne. Aviation turbine fuel (ATF) and petrol diesel will remain subject to no export duties. The Central Board of Indirect Taxes and Customs (CBIC) stated in a late-night notice on Friday that the new rates will take effect on June 15, 2024.
The center reduced the windfall tax on domestically produced crude oil from Rs 5,700 to Rs 5,200 in its most recent modification, which was made on June 1. The windfall tax reached its highest point on the April 16 revision, when it was increased from 6,800 rupees to Rs 9,600 per tonne following a firming of the price of crude oil on the global market.
On July 1, 2022, India introduced windfall profit taxes, joining many other countries that levy taxes on energy companies’ exceptional earnings. The rates are reevaluated every two weeks in light of the global crude oil prices from the preceding two weeks.
