Govt revises windfall gains tax on petroleum products, new rates effective from August 17

The government on Friday revised the windfall gains tax on petroleum products, reducing the levy on domestic crude oil to Rs 2,100 per tonne, down from the previous Rs 2,400 per tonne.

However, the windfall gains tax on the export of petrol, diesel, and aviation turbine fuel (ATF) remains unchanged at NIL.

These new rates will come into effect starting August 17, 2024.