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- India Diesel Windfall Tax Cut | Export Duty Reduced; New Rates Effective
New Delhi9 minutes ago
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The central government has reduced the windfall tax on diesel export by Rs 5. The new rates have come into effect from today.
Oil companies will now have to pay Rs 19 instead of Rs 24 to export one liter diesel.
At the same time, export levy i.e. special duty has also been reduced by Rs 2. Now it will cost only Rs 1 instead of Rs 3.
Knowledge Box: What is ‘Windfall Tax’?
When a company or sector gets windfall huge profits without any extra effort due to international conditions or sudden changes, the government imposes a special tax on that extra profit. This is called ‘windfall tax’.
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