Modi government may abolish windfall tax on crude oil

New Delhi| The central government is considering abolishing the windfall profit tax on domestically produced crude oil. Regarding which the talks have intensified. In this matter, Prime Minister’s advisor Tarun Kapoor said that global crude oil prices have decreased faster than in 2022. So there is no point in imposing windfall profit tax on crude oil now. He said that the Finance Ministry will consider this. The windfall profits tax in the country was first imposed in July 2022. At that time, crude oil prices were skyrocketing across the world.

Tarun Kapoor said that I think the Petroleum Ministry has already written a letter to the Finance Ministry to abolish the windfall profit tax. Now the decision has to be taken by the Finance Ministry. Let us tell you that on Wednesday, Brent crude became cheaper by 1.5 percent in the global market and stood at $ 74.90 per barrel.

On July 1, 2022, the central government implemented windfall tax on crude oil produced in the country in response to the increase in global prices. The goal of the move was to control the excessive profits of oil refineries that were exporting fuel at the expense of domestic supply.