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Govt scraps windfall tax on local crude sales, ATF export
Mint Mumbai
|December 03, 2024
Windfall tax has been dropped as the outlook for the global oil market is now largely weak
The Union government on Monday scrapped the windfall tax on the sale of domestic crude oil and the export of aviation turbine fuel (ATF). It also withdrew the road and infrastructure cess levied on petrol and diesel exports.
Union minister of state for finance Pankaj Chaudhary on Monday tabled notifications in the Rajya Sabha scrapping the levy on sale of domestic crude oil and exports of petrol, diesel and ATF.
On 18 November, Mint first reported that the Centre has decided to scrap the windfall tax and that the finance ministry would shortly issue an order.
The windfall tax was imposed in 2022 as oil prices surged to multi-year highs following Russia's invasion of Ukraine, allowing oil and gas producing companies to make massive profits.
The tax is levied in the form of a special additional excise duty, and as additional excise duty or road and infrastructure cess on the export of fuel. It is reviewed each fortnight, based on average prices in the preceding two weeks.
This story is from the December 03, 2024 edition of Mint Mumbai.
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