Because of the softening of crude oil prices in the global markets, the central government has cut the windfall tax imposed on the export of petroleum products from the country. It is believed that companies like Reliance India Limited and ONGC will get big benefits from this move of the government. Let us tell you that about three weeks ago, the government increased this windfall tax to ensure the supply of petroleum products in the country. Now after the decrease in the prices of crude oil in the global market, the government has withdrawn its old decision.
Let us tell you that the government imposed a windfall tax of Rs 6 per liter on the export of petrol and ATF (aircraft fuel) three weeks ago. During that time a duty of Rs 13 per liter was also levied on the export of diesel. Apart from this, by issuing a separate notification, the government had informed about imposing an additional tax of Rs 23,230 per tonne on crude oil.
Windfall tax on petrol completely removed
Now the government has issued a fresh notification reducing the windfall tax on ATF (aircraft fuel) from Rs 6 per liter to Rs 4 per liter. At the same time, the windfall tax of Rs 6 per liter on petrol has been completely removed. The tax on the export of diesel has also been reduced from Rs 13 per liter to Rs 11 per liter. At the same time, the additional tax on crude oil has been reduced from Rs 23250 per tonne to Rs 17000 per tonne.
Reliance and ONCG shares shine
Shares of companies like Reliance and ONGC have seen a rise due to the government's decision to reduce the windfall tax imposed on the export of petroleum products. On Wednesday, shares of Reliance Company opened at Rs 2535 per share with a jump of about two and a half percent in the stock market, while ONGC shares have also seen a rise of up to seven percent. On Wednesday, ONGC shares opened at Rs 134.70 in the stock market.
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