Windfall gains tax” referred to cesses imposed on fuel exports and domestic crude oil production to tax super-normal profits of fuel exporters and oil producers. Here is what its removal may signal from the government.

Imposed in July 2022, the windfall tax—formally known as Special Additional Excise Duty (SAED)—was introduced during a surge in global crude oil prices triggered by the Russia-Ukraine conflict.

India has scrapped a windfall tax on crude products, aviation turbine fuel, and petrol and diesel exports, a government order said on Monday.

The government has revoked the windfall tax on crude oil and fuel exports, responding to industry demands amid falling international oil prices.

Finance ministry on Monday announced the scrapping of the windfall tax or special additional excise duty (SAED) on aviation turbine fuel (ATF), crude oil products, petrol and diesel. The windfall tax,

The government has abolished the windfall tax on aviation turbine fuel, crude products, petrol, and diesel after extensive deliberations. This decision is a relief for oil giants like Reliance and ONGC.

The Indian government has abolished the windfall tax on aviation turbine fuel (ATF), crude products, as well as diesel and petrol. The Finance Ministry has issued notifications for the same with immediate effect.

On Monday, the revenue department rescinded the June 30, 2022 notification that levied windfall tax due to decline in global oil prices

The finance ministry has taken a series of steps signaling a shift in response to declining global oil prices and market conditions.

On Monday, the Finance Ministry announced that the windfall tax on aviation turbine fuel (ATF), crude products, diesel and petrol products has been scrapped, according to the papers tabled in Parliament on December 2.