Govt Scraps Windfall Tax On Petrol, Diesel, Crude, and ATF Exports

Windfall tax: 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 set to be laid in Parliament on December 2.

The move will bring relief to the tightening margins of Indian oil majors including Reliance Industries, ONGC, Bharat Petroleum, GAIL, and others.

“Notification No. 29/2024-Central Exciseto be published in Gazette of India dated 2nd December, 2024, together with an explanatory memorandum seeking to rescind Notification No. 03/2022-Central Excise to 07/2022- Central Excise and No. 9/2022-Central Excise all dated 30th June 2022 removing Special Additional Excise Duty (SAED) on production of petroleum crude and on export of Aviation Turbine Fuel (ATF), motor spirit, commonly known as petrol and high speed diesel oil.” the notification stated.  

As of 01:17 PM, the National Stock Exchange’s Oil & Gas Index was trading flat.