Business & Finance
Business and Finance
Business and Finance
Mon, December 2, 2024
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India removes windfall profit tax on domestically-produced crude oil and fuel exports
- The Centre has removed the windfall profit tax on domestically-produced crude oil and fuel exports, according to media reports. Minister of State for finance Pankaj Chaudhary reportedly tabled a notification in the Rajya Sabha about the decision of removing tax on crude oil.
The Indian government has eliminated the windfall profit tax on domestically produced crude oil and the export of fuels like diesel and aviation turbine fuel (ATF), effective immediately as of December 2, 2024. This decision was influenced by the decline in global oil prices, which had previously prompted the imposition of these taxes to capture excess profits when oil prices were high. The removal of the Special Additional Excise Duty (SAED) on crude oil, which was set at Rs 6,300 per tonne, and on diesel and ATF exports, previously at Rs 1 per litre, aims to encourage domestic production and exports. This move is expected to benefit oil companies by allowing them to retain higher profits from their sales, potentially stimulating investment in the sector.
Read the Full Business Standard Article at:
[ https://www.business-standard.com/markets/capital-market-news/india-removes-windfall-profit-tax-on-domestically-produced-crude-oil-and-fuel-exports-124120200938_1.html ]
Read the Full Business Standard Article at:
[ https://www.business-standard.com/markets/capital-market-news/india-removes-windfall-profit-tax-on-domestically-produced-crude-oil-and-fuel-exports-124120200938_1.html ]
