The government will review the impact of the windfall profit tax on the export of petrol, diesel, and aviation turbine fuel (ATF). The decision comes as global crude oil prices have stabilized. Reports suggest that the government had imposed an export tax on these fuels in July 2022, as some oil refineries made significant profits by exporting fuel at domestic supply prices.
last review was conducted on August 21
The last review was conducted on August 21, when the windfall tax on petroleum was set at ₹1,850 per ton. The Special Additional Excise Duty (SAED) on diesel, petrol and ATF exports was maintained at Zero from September 18. India first imposed the windfall profit tax on July 1, 2022, joining other countries that tax extraordinary profits of energy companies.
Consideration of Bringing Natural Gas under GST
Additionally, the Ministry of Petroleum and Natural Gas has written to the Ministry of Finance to consider bringing natural gas under the Goods and Services Tax (GST) framework. The GST Council, chaired by Finance Minister Nirmala Sitharaman, will make the final decision on this proposal.
Shashi RAI
