The windfall tax on crude oil has been decreased by the central government from INR 11,000 to 9,500 per tonne

According to a formal statement, the central government has decreased the windfall tax on crude oil from $11,000 per tonne to $9,500. According to a government announcement, the modification took effect on November 2.

The tax has been reduced by more than 13%. Every two weeks, the windfall tax, which is imposed as a special supplementary excise duty, is updated in an effort to absorb the enormous profits made by domestic crude oil producers.

The special additional excise duty on the export of aviation turbine fuel, however, was increased by the government from 3.5 to 5 per litre. The letter also noted an increase in the special extra excise duty on diesel export from 12 to 13 cents per litre.

The reduction in the windfall tax on the sale of domestic crude oil occurs at a time when the price of oil in the world has generally stayed stable at $95 per barrel.

Shopping Cart
Scroll to Top