Govt announces substantial hike in windfall tax on locally produced crude oil, diesel and ATF
Windfall gain tax on crude oil has been increased from Rs 1900/tonne to Rs 5050/tonne. On ATF, it has almost doubled from Rs 3.5/Litre to Rs 6/Litre, the government said in a notification.
The government is aiming to collect Rs 25,000 crore from windfall tax in FY23, according to revenue secretary - Image Source: Reuters