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Cut in Windfall Tax
July 24 , 2022
856 days
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- The Union government reduced the windfall tax on petrol, diesel, crude oil and jet fuel, following the cut in international rates.
- India imposed the windfall tax on refiners and oil producers on July 1, 2022.
- Windfall tax is a one-off tax, which is imposed by a government on a company.
- The tax targets those who are gaining from something they were not responsible for.
- This tax is a higher tax rate on sudden huge profits.
- It is a one-time tax more than the normal rates of tax, imposed on profits.
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