January 20, 2025 12:06 pm (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Kolkata court convicts civic volunteer Sanjoy Roy in RG Kar rape-murder case | Saif was stabbed repeatedly, he tried to protect Taimur and Jeh: Kareena Kapoor Khan records statement with police | Escaped death by 20-25 minutes: Sheikh Hasina alleges opposition wanted to kill her | Cabinet's decision on 8th Pay Commission will improve quality of life, give boost to consumption: PM Modi | 'It has been an incredibly challenging day': Kareena Kapoor Khan requests privacy after Saif Ali Khan's stabbing incident | 'Distorting history': Mamata slams Mohan Bhagwat over his Ram Temple consecration 'marking true independence' remark | Saif Ali Khan stabbing incident: Actor who received six wounds is out of danger, one accused identified | ISRO creates history docking two Indian satellites in space | US-based short seller Hindenburg Research that targeted Adani Group and SEBI chairperson to be disbanded | Saif Ali Khan stabbed during burglary attempt at home, hospitalised; police probe on
Photo Courtesy: Representational image by Conrad Marshall on Pexels

Govt removes windfall tax on petroleum crude

| @indiablooms | Sep 18, 2024, at 05:29 am

New Delhi: The Union government has reduced the windfall tax on petroleum crude to zero from Rs 1,850 per metric ton, effective September 18, according to a government notification issued on September 17.

The windfall tax, which is reviewed every two weeks, was cut following a notable drop in crude oil prices. In the previous revision on August 30, the government had reduced the tax on domestically produced crude oil by 11.9%, bringing it down to Rs 1,850 per ton from Rs 2,100 per ton, effective August 31, reported Moneycontrol, citing the notification.

This marks the second time the windfall tax has been reduced to zero since its implementation.

Global Brent crude prices have dropped below $75 per barrel, down from over $92 per barrel in April.

On September 12, Petroleum Secretary Pankaj Jain stated that the Oil Ministry had been discussing the windfall tax with the Finance Ministry, with the Department of Revenue responsible for making the final decision.

Jain also noted that while oil prices had been falling over the previous 7-10 days, it is essential to observe whether this trend continues, as it may not be wise to make decisions based on short-term price movements.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Videos
Nirmala Sitharaman on Budget 2024 Jul 23, 2024, at 09:30 pm
PM Modi on Budget 2024 Jul 23, 2024, at 09:30 pm
Close menu