Centre Cuts Windfall Tax on Crude Oil to $ 5,700 Per Metric Ton, Tax on Diesel and AFT.....
Government Cuts Windfall Tax on Crude Oil from $ 8400 Per Metric Tonne to $5,700 Per Metric Tonne. The Tax for Diesel and Aviation Turbine Fuel ATF remains Unchanged to "Zero".
Finance Ministry Cuts Windfall Tax to $ 5,700 Per Metric Tons
The Indian Government has recently reduced the Windfall Tax from $ 8,400 to $ 5,700 per metric tonne, According to a Notification issued by Government on Wednesday, Late Night — Effective from Thursday Onwards.
Windfall Tax on Diesel and AFT Aviation Turbine Fuel Remains....
However, according to the notification of the government on 15th April, there is no change in the windfall tax on diesel and Aviation Turbine Fuel ATF. The Windfall Tax on Diesel and Aviation Turbine Fuel is Nil or Zero.
From $9600 per metric tonne to $8400 per
Earlier on May 1, the Central Board of Indirect Taxes and Customs had reduced the Windfall Tax from $9600 per metric tonne to $8400 per Metric Tonne.
On 16 April, Windfall Tax cuts to..
Prior to this, on April 16, the Central Board of Indirect Taxes and Customs reduced the Windfall Tax or SAED on Crude oil from $ 6800 per metric ton to $ 9600 per metric ton.
Surge of $ 19,00 Per Metric Ton to $ 6,800 per Metric Ton
It is not the case that Windfall Tax is always in deficit, but sometimes due to high prices of Crude Oil, this Windfall Tax is also increase, for instance recently, in this past April — Windfall Tax was surged from $ 4,900 per metric ton to $ 6,800 per metric ton.
What is Windfall Tax ? And Why it is Imposed ?
Windfall Tax is known as SAED Special Additional Excise Duty. Windfall Tax is mainly imposed on industries or sectors which can generate immediate excessive profit due to unforeseen circumstances. The Unforeseen Situation like Pandemic, Geopolitical Shifts, Sudden Fluctuations etc. It is mainly imposed on Export of Oil, Gas, Mining and Telecommunications.
CBIC change Windfall Tax on Every... Day
Central Board of Indirect Taxes and Customs, which is a unit of the Finance Ministry, and it is responsible for Taxes and Excise Duty. Special Additional Excise Duty levied on Crude oil is called Windfall Tax in common language. CBIC changes the Windfall Tax on Crude Oil every 15 days keeping in mind the Global and National Crude Oil Price and Crude Oil Supply & Demand.
A Brief History of Introduction of Windfall Tax
Indian Government had introduced Windfall tax in India in July 2022. Because, At that time, Crude oil Mining Companies had made huge profits due to large Geopolitical Shift and Russia Ukraine War. After Then, the Finance Ministry introduced Windfall Tax in India to bring some share of these profits to the Government Treasury.
Due to Fluctuations in Prices, the Windfall Tax Changes
We all know that Crude Oil Prices fluctuates daily, and even during these Fluctuations and to stabilize the Profit Margin of Crude Oil Minimizing Companies, the CBIC changes Windfall Tax on every 15th day.
Expanded to Diesel and Aviation Turbine Fuel
Initially Windfall tax was imposed only on the export of Crude Oil but gradually Windfall tax started being imposed on the export of Gasoline, Diesel and ATF also. However, in India the profit tax on Diesel or Aviation Turbine Fuel is "Zero".
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