India Slashes Windfall Tax On Petroleum Crude

India Slashes Windfall Tax On Petroleum Crude

The new tax rates will come into immediate effect. The taxes on diesel, petrol and aviation turbine fuel will continue to remain nil.

ANIUpdated: Wednesday, May 01, 2024, 10:11 AM IST
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India Slashes Windfall Tax On Petroleum Crude | File

The central government has reduced windfall tax on crude petroleum, according to a government notification. The special additional excise duty (SAED) on crude petroleum has been slashed from Rs 9,600 per tonne to Rs 8,400 per tonne.

The new tax rates will come into immediate effect. The taxes on diesel, petrol and aviation turbine fuel will continue to remain nil.

The government had on April 16 raised the windfall tax on petroleum crude to Rs 9,600 per cent tonne from Rs 6,800.

A tax levied on an unforeseen or unexpectedly large profit is called a windfall tax.

Meanwhile, bringing a measure of respite to the people, oil marketing companies have slashed the prices of commercial LPG gas cylinders by Rs 19 per unit with immediate effect. The retail sales price of a 19 kg commercial LPG cylinder would be now Rs 1745.50 in Delhi, sources said.

Last month, the price was cut by Rs 30.50 for a 19-kg commercial cylinder at Rs 1764.50.

While the precise reasons behind the price decrease remain undisclosed, various factors, such as changes in international oil prices, shifts in taxation policies, and supply-demand dynamics, likely contribute to such adjustments.

Revisions for both commercial and domestic LPG (liquefied petroleum gas) cylinders typically occur on the first day of each month.

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