Government has decided to withdraw the windfall tax on Aviation Turbine Fuel (ATF), crude oil, petrol, and diesel.
It will be a major relief for oil companies like Reliance Industries and ONGC, which have been bearing the burden of this tax since its imposition in July 2022.
The removal of the tax is expected to boost profits for these companies.
As per the notification of the Ministry of Finance, the Special Additional Excise Duty (SAED) on the production of petroleum crude and the export of ATF, petrol, and high-speed diesel will no longer apply.
The windfall tax is reviewed every 15 days based on fluctuations in global crude oil prices.
