Government Drops Bombshell On Windfall Tax: Has It Been Completely Scrapped | Paisa Live

The Indian government has made a significant decision regarding the windfall tax. Due to a substantial drop in crude oil prices, the government has announced that the windfall tax will be reduced to zero. Previously, the tax was levied at ₹1,850 per metric ton, with gradual reductions over time. This tax, known as the Special Additional Excise Duty, was initially set at ₹2,100 per metric ton before being reduced to ₹1,850 per metric ton on August 31. The recent decision marks a complete removal of the tax, reflecting the government’s response to falling crude oil prices and aiming to alleviate the financial burden on oil producers.