The government on December 1 has lowered the windfall tax on crude petroleum to Rs. 5,000 per tonne from Rs 6,300 a tonne. The levy on jet fuel too has been lowered to Rs 1.06 lakh per kilo litre (kL) from Rs 1.11 lakh/kL. The windfall tax is revised every fortnight based on the movements of international crude and product prices. Crude oil prices are currently trading around $82 per barrel. In the last fortnightly review on November 16, the government slashed windfall tax on crude petroleum to Rs 6,300 per tonne to Rs 9,800 per tonne. |
India first imposed windfall tax in July 2022 amid soaring crude oil prices. Windfall tax is levied by governments when an industry unexpectedly earns large profits — primarily due to an unprecedented event.
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