Key Points
The government has raised its windfall tax on petroleum crude to 4,900 rupees ($59.15) a tonne from 4,600 rupees with effect from March 16, according to a government notification released on Friday...
Earlier on February 16, the government had raised the windfall tax on petroleum crude to Rs 3,300 a metric ton from Rs 3,200 and hiked the tax on diesel to Rs 1.5 a litre from zero...
India imposed a windfall tax on crude oil producers from July 2022 and extended the levy on exports of gasoline, diesel and aviation fuel, as private refiners wanted to sell fuel overseas to gain from robust refining margins instead of selling locally..
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India hikes windfall tax on crude petroleum to Rs 7,100 per tonne
14, Aug, 23The Indian government has increased the windfall tax on crude petroleum to Rs 7,100 per tonne from Rs 4,250 per tonne with effect from August 15. This comes just weeks after the government had hiked the tax to Rs 4,250 per tonne from Rs 1,600 per tonne. Special Additional Excise Duty on diesel will also see a rise, being hiked to Rs 5.50 per litre from Re 1 per litre at present, and a duty of Rs 2 per litre will be imposed on jet fuel or ATF from August 15.
India cuts windfall tax on diesel, crude oil
16, Nov, 23India has cut the windfall tax on diesel and crude oil on Thursday, according to a government notification.
Centre increases windfall tax on petroleum crude after gap of 2 months
14, Jul, 23The windfall tax will be effective from 15 July onwards.
Govt cuts windfall tax on petroleum crude to zero; oil & gas stocks jump
16, May, 23IOC shares were up nearly 4 per cent at around 2 pm, while BPCL rose above 2 per cent. ONGC was also up nearly 1.5 per cent.
Windfall tax hiked marginally to Rs 4400, export duty on ATF scrapped
04, Mar, 23Exports of petrol will continue to attract nil duly. The new rates will be applicable from March 4. India imposed windfall profit taxes on July 1, 2022, by imposing export duties of ₹6 per litre on petrol and ATF and ₹13 a litre on diesel.
A timeline of windfall gains tax implementation in India
21, Mar, 23India implemented windfall profit taxes on July 1 of the previous year, aligning with other countries that tax energy companies' exceptional profits.