December 2, 2024 6:56 PM

Govt withdraws windfall tax on ATF, crude, petrol, and diesel, easing burden on oil companies

The government on Monday announced the withdrawal of the windfall tax on Aviation Turbine Fuel (ATF), crude oil, petrol, and diesel through a notification introduced in the Lok Sabha. The decision comes as a major relief for oil companies like Reliance Industries and ONGC, which had been bearing the burden of the tax since its imposition in July 2022. The windfall tax was initially introduced to capture a portion of the excess revenue earned by oil companies due to soaring global crude prices a...