Windfall Tax on Crude: Narendra Modi government has abolished the Windfall Tax. In view of the significant reduction in crude oil price, the government has made a big announcement to make the Windfall Tax zero.
Issuing a notification, the central government said that the Windfall Tax will be made zero from September 18. Let us tell you that till now the government used to levy Windfall Tax at the rate of Rs 1,850 per metric ton. This is the same tax which is imposed on the excess profits of oil companies. Now this tax will not be taken from oil companies from today i.e. September 18.
Decreased price of Brent crude (Brent Crude Price)
The central government changes the windfall tax every fortnight. The global benchmark Brent crude price has now dropped to $75 per barrel. Crude prices were $92 per barrel in April. The notification said that the windfall tax on the export of petrol-diesel and aviation turbine fuel (ATF) has been reduced from Rs 1850 per tonne to zero. These new rates will be effective from today i.e. 18 September.
