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Windfall Tax End
December 8 , 2024
36 days
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- The government has scrapped 30-month-old windfall profit tax on domestically-produced crude oil and on export of jet fuel (ATF), diesel and petrol.
- India first imposed windfall profit taxes on July 1, 2022 joining a growing number of nations that tax super normal profits of energy companies.
- A ₹23,250 per tonne ($40 per barrel) windfall profit tax on the domestic crude production was levied.
- The tax rates were reviewed every fortnight based on average oil prices in the previous two weeks.
- The government had garnered about ₹25,000 crore from the levy in the first year of its implementation, ₹13,000 crore in 2023-24 and ₹6,000 crore this year.
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