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Windfall tax on crude
August 21 , 2023
462 days
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- The government has hiked the windfall profit tax on crude oil produced in the country and on export of diesel.
- Special additional excise duty on domestically produced crude oil has been raised to ₹7,100 per tonne from ₹4,250 per tonne.
- India first imposed windfall profit taxes on July 1st last year.
- A windfall tax is a special tax imposed by governments on companies that generate unusually high profits due to favourable market conditions or exceptional circumstances.
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