The government has given a big relief by reducing the windfall tax on crude oil, will the people benefit?

Windfall Tax: The central government has made a big cut in the windfall tax on crude oil. Windfall tax on crude petroleum oil has been increased to Rs 5000 per tonne from today. Last month, the windfall tax on crude petroleum oil was Rs 6,300 till November 30, 2023, which means that today it has been reduced by Rs 1,300 per tonne.

The government had also reduced the windfall tax in the last review meeting in November.

Earlier on November 16, the central government had reduced the windfall tax on crude petroleum oil from Rs 9,800 per tonne to Rs 6,300 per tonne. That is, a full deduction of 3500 rupees per ton was made.

Earlier, the windfall tax was increased on October 31.

On October 31, the central government had increased the windfall tax on petroleum crude exports from Rs 9,050 per tonne to Rs 9,800 per tonne.

What is a windfall tax?

The central government decides the rates of windfall tax and export tax on the export of crude oil in the country and for this a review meeting is held every 15 days. Looking at the trend in crude oil prices in the last two weeks, the Government of India has revised the windfall tax rates on crude oil in the country.

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