Government slashes windfall tax on crude petroleum

Daily Current Affairs / Government slashes windfall tax on crude petroleum

Change Language English Hindi

Category : Business and economics Published on: January 17 2024

Share on facebook

Effective January 16, the government has reduced the windfall tax on domestically-produced crude oil from ₹2,300 to ₹1,700 per tonne.
This adjustment is implemented through a Special Additional Excise Duty (SAED), reflecting a shift in the taxation policy related to the energy sector.
The official notification emphasizes the retention of a nil Special Additional Excise Duty (SAED) on the export of diesel, petrol, and jet fuel (ATF).
This strategic decision aligns with the government's approach to balance fiscal measures, maintaining a specific tax stance on the export of key petroleum products.

Justice B. R. Gavai is set to become the 52nd Chief Justice of India, succeeding Justice Sanjiv Khanna
Read More....
China halts deliveries of US-made Boeing jets, intensifying trade tensions between the two nations
Read More....
Daniel Noboa wins the presidential election in Ecuador, earning a full 4-year term.
Read More....
Blue Origin has successfully launched an all-female crew in space, setting a milestone in space exploration.
Read More....
SEBI has banned Gensol Engineering Ltd and its promoters over charges of fund misuse and price manipulation.
Read More....
Credit growth in India’s banking sector is expected to reach 12–13% in FY26 due to favorable policies and low interest rates.
Read More....
Morgan Stanley has revised India's GDP growth forecast for FY26 to 6.1% and cut the Sensex target due to global uncertainties.
Read More....
The 6th edition of the India-Uzbekistan joint military exercise "DUSTLIK-VI" begins at Aundh military base.
Read More....
The Ministry of Labour & Employment signed an MoU with Swiggy in New Delhi for worker welfare and support.
Read More....
Indian shooters Inder Singh Suruchi and Saurabh Chaudhary secured gold in the mixed team shooting event.
Read More....

Government slashes windfall tax on crude petroleum