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NRIPage | Articles | Finance Ministry to Review Windfall Tax on Fuel Exports as Crude Prices Stabilize | Get Education & Training Articles. Empowering Lifelong Learning around the world - NRI Page
The Finance Ministry is set to review the windfall tax on fuel exports, including petrol, diesel, and Aviation Turbine Fuel (ATF), following the stabilization of global crude oil prices. The tax, introduced in July 2022, was implemented to address the substantial profits earned by oil refiners exporting fuel, which had an impact on domestic supplies. The review will assess the tax’s effectiveness and the revenue it has generated, with the Ministry of Petroleum and Natural Gas already requesting a reconsideration of the tax structure.
In September, the government had already slashed the windfall tax on domestically produced crude oil to 'nil,' and similar actions were taken for exports of diesel, petrol, and ATF starting September 18. India first introduced windfall taxes on July 1, 2022, following a global trend of taxing supernormal profits in the energy sector.
Additionally, the Ministry of Petroleum has proposed that natural gas be included under the Goods and Services Tax (GST) regime. This proposal will be considered by the GST Council, which is headed by the Union Finance Minister. The move aims to broaden the tax base and streamline the taxation of natural gas in India.
