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#windfalltax #windfall #whatiswindfalltax #windfalltaxes #tax #windfalltaxnews #windfalltaxinindia #windfalltaxonoil #windfalltaxlatest #windfalltaxlatestnews #sunakwindfalltax #windfallprofitstax #oil #windfalltaxupsc #windfalltaxcut #businessnews #uklevywindfalltax #news #windfalltaxinhindi #gas #crudeoil
~GR.125~HT.336~
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NewsTranscript
00:00The central government has abolished the windfall tax on petrol, diesel, ATF and crude oil products.
00:10During the winter session, the Finance Minister informed about this decision and issued a notification.
00:17Let me tell you that after a sharp jump in the prices of crude oil in 2022,
00:21the government decided to impose a windfall tax on the profits of oil companies from domestic crude oil, petrol, diesel and ATF exports.
00:33So let's tell you in detail in this video that what is windfall tax and how does it work.
00:39The Finance Minister issued a notification regarding the decision to end the windfall tax and said
00:45that the decision to take back the Special Additional Excise Duty and Road Infrastructure System imposed on crude oil production, ATF export and petrol-diesel export is being taken.
00:58After the fall in crude oil prices, the government has been weighing the decision taken by the government for a long time.
01:05The Finance Minister has also issued a notification regarding this decision.
01:09Let me tell you that since July 1, 2022, the government has announced a windfall tax on the oil refining and marketing companies of the country for the great benefits of petrol, diesel and ATF exports.
01:23The government had imposed an export duty on the export of petrol, diesel and ATF, so a cess was also imposed on domestic crude production.
01:31In 2022, due to the war between Russia and Ukraine, the government of the country and especially the private oil refining company was importing crude oil from Russia at a low price and refining it.
01:43After refining it, it was selling petrol, diesel and ATF at a high price to the foreigners, which was benefiting them tremendously.
01:51While oil companies were also benefiting from domestic crude oil exports, due to which the government has decided to impose a windfall tax on these companies.
02:01Every 15 days, the government used to review the windfall tax and due to the decision to end the windfall tax, a sharp increase in the share of Reliance Industries is being seen.
02:13The stock is currently doing business at Rs. 1305 while crossing the level of Rs. 1300 with a jump of almost 1%.
02:21So what is your opinion on this decision of the government, tell us in the comment box and keep watching Good Returns for such updates.
02:28Don't forget to like and subscribe to our channel.