Search results
What is it? It is a higher tax levied by the government on specific industries when they experience unexpected and above-average profits. When is it imposed? When the government notices a sudden increase in an industry's revenue, they impose this tax.
Jul 22, 2022 · The cess by way of special additional excise duty (or windfall tax) on domestic crude being sold to domestic refineries at international parity prices has been cut to Rs 17,000 per tonne from Rs 23,250 per tonne, The export duty on Aviation Turbine Fuel has been lowered by Rs 2 to Rs 4 per litre.
Sep 14, 2022 · What is a Windfall Tax? Windfall taxes are designed to tax the profits a company derives from an external, sometimes unprecedented event — for instance, the energy price-rise as a result of the Russia-Ukraine conflict.
India recently slashed the windfall tax on domestically produced crude oil to ₹4,100 per tonne from ₹6,400 per tonne. About Windfall Tax: What is it? It is a higher tax levied by the government on specific industries when they experience unexpected and above-average profits. When is it imposed?
Sep 15, 2022 · The Central government on July 1, introduced a windfall profit tax of ₹23,250 per tonne on domestic crude oil production, which has fluctuating rates. It also imposed an additional excise levy on diesel, petrol and air turbine fuel (ATF) exports.
Mar 22, 2023 · The central government late 20th March, 2023 slashed the windfall tax on domestic crude oil to Rs 3,500 per tonne from Rs 4,400 per tonne. Meanwhile, the government increased the export duty on diesel to Re 1 per litre from Rs 0.50. The revised rates come into effect from March 21, Tuesday.
The Centre has announced a reduction of special additional excise duty, or windfall tax, on domestically produced crude oil to nil from Rs 3,500 per tonne, effective from April 4. The government has also reduced the levy on diesel to 50 paise per litre from Rs 1.
A windfall is defined as an “unearned, unanticipated gain in income through no additional effort or expense”. Governments typically levy a one-off tax retrospectively over and above the normal rates of tax on such profits, called windfall tax.
Sep 14, 2022 · What do you understand by ‘Windfall Tax’? Why has the Union government introduced such a tax recently? Examine its significance for resource mobilization for the country. (250 Words) Reference: The Hindu. Difficulty level: Easy. Why the question: Recently government introduced a windfall tax due to rising crude prices, on the refining companies.
Sep 15, 2022 · Windfall Tax. The Ministry of Finance recently justified the windfall tax levied by the Center on domestic crude oil producers, claiming that it was not a last-minute decision but rather the result of extensive industry engagement. Image Source - clevernotes. About Windfall tax. It first appeared in 2022.
