The central government has announced a major cut in windfall taxes on August 30. The government has cut the price of crude oil produced domestically by Rs 1850 to Rs 2100 per tonne. This information has been shared in the new notification issued by the government. This new order has come into effect from today i.e. August 31. Let us tell you, no change has been made in the windfall tax imposed on diesel and aviation turbine fuel (ATF).
The windfall tax was imposed by the government when companies like Reliance Industries, Nayara are getting huge benefits due to the global conditions. These companies are going to benefit from this new decision of the central government.
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There was also a cut on 17 August
Earlier, the government had cut the windfall tax on August 17. Then the domestic crude oil was cut from Rs 2400 per tonne to Rs 2100 per tonne. Windfall tax was imposed for the first time by the central government in July 2022. The government changes the windfall tax every second week.
Global oil benchmark Brent crude rose 0.08 per cent to $80 per barrel yesterday.
