Business News | India Cuts All Windfall Tax on Crude Oil
Get latest articles and stories on Business at LatestLY. The central government has withdrawn all windfall tax on crude oil with immediate effect, according to a government notification.
New Delhi [India], April 4 (ANI): The central government has withdrawn all windfall tax on crude oil with immediate effect, according to a government notification.
This comes at a time when global crude oil prices rose after the group of oil-producing countries decided to cut output come May this year. The Organisation of the Petroleum Exporting Countries (OPEC) Plus oil producers announced further output cuts of around 1.16 million barrels per day.
Taking into account huge margins being accumulated by the domestic crude producers due to rising global crude prices, the Centre had in July 2022 imposed a cess of Rs 23,250 per tonne on crude oil. Since then, the government from time to time had been reducing the windfall tax on crude oil.
A tax levied on an unforeseen or unexpectedly large profit is called a windfall tax. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)