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Finance Ministry has on December 2 scrapped the windfall tax on aviation turbine fuel (ATF), crude products, diesel and petrol products. "Notification nos 29/2024 and 30/2024 dated 2.12.2024 issued with immediate effect for withdrawal of windfall tax i.e special additional excise duty (SAED) levied on production of crude and export of ATF, SAED and Road and Infrastructure Cess (RIC) on export of petrol and diesel. Notification laid in the parliament," said Finance Ministry. Imposed in July 202 ...Read More >
New Delhi: The Centre has decided to scrap the windfall tax, a levy imposed on local production of crude oil and exports of petrol, diesel and jet fuel, at a time of subdued oil prices. A decision to this effect has been taken at the top level in the government, and the finance ministry may shortly issue an order, two people familiar with the development said. Windfall tax was imposed in 2022, as a surge in oil prices to multi-year highs in the wake of the Russia-Ukraine war allowed oil and ga ...Read More >
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