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GOVT SCRAPS WINDFALL TAX ON ATF, CRUDE, PETROL & DIESEL
The Business Guardian
|December 03, 2024
Govt withdraws windfall tax on ATF, crude, petrol, and diesel, offering relief to oil companies
The government announced the withdrawal of the windfall tax levied on Aviation Turbine Fuel (ATF), crude products, petrol, and diesel through a notification introduced in the Lok Sabha on Monday.
This move, seen as a significant relief for oil companies like Reliance Industries and Oil and Natural Gas Corporation (ONGC), eliminates the special additional excise duty (SAED) that had been in place since July 2022.
The withdrawal is expected to boost profits for these companies by allowing higher gains from refining margins.
The windfall tax was originally imposed to enable the government to earn a share of the substantial profits that oil companies accrued due to elevated global crude prices.
These higher prices had resulted in increased refining margins, particularly during the peak of the global energy crisis.
The tax was introduced as part of a broader strategy to capture excess earnings from the petroleum sector, ensuring a fairer revenue distribution during periods of price surges.
This story is from the December 03, 2024 edition of The Business Guardian.
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