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Government scraps windfall tax on petrol, diesel, and ATF exports

The windfall tax was introduced in July 2022 when the Russia-Ukraine war and Western sanctions lead to surging crude oil prices, hugely profiting oil companies

Windfall tax is a special tax on domestic crude oil production which aims to capture revenue from the windfall gains of oil producers(Representational Image/Pixabay)
Published on Dec 02, 2024 03:40 PM IST

Centre cuts windfall tax on crude oil to zero, diesel halved

The government intends to withdraw the windfall tax once global crude oil prices fall firmly below $70 a barrel.

 As per the usual practice, the windfall profit tax on petroleum that was imposed on July 1, is revised fortnightly. (Ramesh Pathania)
Published on Apr 04, 2023 02:40 PM IST
Reuters | | Posted by Singh Rahul Sunilkumar

Windfall tax on aviation fuel slashed. Will air tickets be cheaper?

There is a substantial cut in the Aviation Turbine Fuel (ATF) windfall tax, lowering it to ₹1.5 from ₹5. ATF makes up around 30-40% of the cost of running an airline in India, and a decrease in its prices will boost the profit margins of companies. But will this gain be transferred to the consumers too?

Representative Image(REUTERS)
Updated on Dec 16, 2022 02:25 PM IST

Windfall tax on crude, aviation fuel slashed

The move comes amid a 14% slump in global crude since November. India is the world's third largest consumer and importer of oil.

representative image(REUTERS)
Published on Dec 16, 2022 09:08 AM IST
Reuters | | Posted by Singh Rahul Sunilkumar

Govt considers windfall tax on oil and gas giants

The tax, which may be levied when oil prices, for instance, cross a certain level, will boost the government’s finances, and help fund efforts to protect vulnerable sections from rampant inflation.

This is not the first time India is considering a windfall tax. Policymakers flirted with the idea in 2018, and before that in 2008, when oil prices were on a high, and many Indian oil producers made a killing. Both times, the idea was abandoned, after it was strongly opposed by private oil companies. (AFP)
Updated on May 27, 2022 05:40 AM IST
ByRajeev Jayaswal, New Delhi
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