Windfall Profit Tax: The windfall tax on crude oil produced by firms such as the state-owned ONGC has been reduced to Rs 1,700/tonne from the previous Rs 4,900/tonne.
The government on December 16 cut the windfall profit tax on domestically produced crude oil. Along with this fortnightly revision in windfall tax, the centre has also slashed the levy on diesel. As per updates, these changes come into effect from today.
According to the revised prices, the windfall tax on crude oil produced by firms such as the state-owned Oil and Natural Gas Corporation (ONGC) has been reduced to Rs 1,700/tonne from the previous Rs 4,900/tonne. Before the previous revision, this amount was Rs 10,200 per tonne.
The government has also cut the rate on export of diesel to Rs 5 per litre from Rs 8 per litre. Before the previous revision, this rate was Rs 10.5 per litre. The new levy also includes Rs 1.5 per litre as road infrastructure cess, like in every case.
Ever since the windfall profit tax has been introduced, the government has been revising it every now and then. Through official notifications, it informs everyone about the revision. In the last revision, the special additional excise duty on petrol was unchanged to stay nil.
Disclaimer: This is a developing story. More updates will be added once information is available. Please check back for more.