NEWS AFFAIRS 7 : WHERE EVERY STORY HAS IT'S AFFAIR!
Last updated on August 31st, 2024 at 12:06 am
India Reduces Windfall Profit Tax on Crude Oil
India introduced windfall profit taxes on July 1, 2022, to tax the excessive profits of energy companies amid rising global oil prices. These tax rates are reviewed every fortnight and adjusted based on the average oil prices from the previous two weeks.
Read more: Foreign investors sold ₹21,201 crore worth of Indian stocks Amid Global Uncertainties
On August 16 the Narendra Modi government announced a reduction in the windfall profit tax on domestically produced crude oil.
The adjustment reflects changes in global oil prices and aims to align the tax with current market conditions.
The tax has been reduced to ₹2,100 per tonne, down from ₹4,600 per tonne, the SAED ( Special Additional Excise Duty ) on the export of diesel, petrol, and Aviation Turbine Fuel (ATF) will remain at zero.
The revised rates will be effective from August 17.
Disclaimer: This information is for educational purposes only and not investment advice. Always consult with a financial advisor before making any investment decisions.
Mazagon Dock’s Q1 Margin Hits 27%, But Sustainability in Question: FY25 Forecast and Key Updates
https://news-affairs.com/web-stories/best-5-key-upgrades-in-the-thar-roxx/
Is Indian stock market closed on Monday for Raksha Bandhan?
Top 3 Price-Volume Breakout Stocks: Firstsource Solutions, Kitex Garments, and Pasupati Acrylon
