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Windfall Tax: The central government has abolished the windfall tax on petrol, diesel, ATF and crude oil products. A notification giving information about this decision has been presented on the table of Parliament by the Ministry of Finance during the winter session. After the sharp rise in crude oil prices in the year 2022, the government had decided to impose windfall tax on the profits made by oil companies from the export of domestic crude oil, petrol, diesel and ATF with the aim of increasing revenue.
Windfall tax ended
Issuing a notification regarding the decision to abolish windfall tax, the Finance Ministry said, Special Additional Excise Duty and Road-Infrastructure Cess levied on the production of crude oil, export of ATF and export of petrol-diesel. It is decided to withdraw Road and Infrastructure Cess. Speculations were being made for a long time about the decision taken by the government after the sharp fall in crude oil prices. The Finance Ministry has also issued a notification regarding this decision immediately.
Tax imposed after Russia and Ukraine war
From July 1, 2022, the government had announced the imposition of Windfall Tax in view of the huge profits the country’s oil refining and marketing companies are getting from the export of petrol, diesel and ATF. The government imposed export duty on the export of petrol, diesel and ATF and cess was also imposed on domestic crude production. In the year 2022, due to the war between Russia and Ukraine, the government and especially private oil refinery companies of the country were importing crude oil cheaply from Russia and after refining it, they were selling petrol, diesel and aviation fuel abroad at higher prices, thereby earning huge profits. Used to be. Whereas oil companies were also getting profit on the export of domestic crude oil, due to which the government had decided to impose windfall tax on these companies. The government used to review the windfall tax every 15 days.
Reliance shares rise
Due to the decision to abolish windfall tax, the shares of Reliance Industries are witnessing a strong rise. The stock is currently trading at Rs 1305, crossing the level of Rs 1300 with a jump of about 1 percent.
