MOF Hikes Windfall Tax on Petroleum Crude to Rs 9,800 Per Tonne

The Ministry of Finance (MOF) has increased the Windfall Tax on Petroleum Crude to Rs 9,800 Per Tonne via issuing Notification.

The Official Notification Stated:

In exercise of the powers conferred by section 5A of the Central Excise Act, 1944 (1 of 1944) read with section 147 of the Finance Act, 2002 (20 of 2002), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 18/2022-Central Excise, dated the 19th July, 2022, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number
G.S.R. 584 (E), dated the 19th July, 2022, namely:

1. against S. No. 1, for the entry in column (4), the entry “Rs. 9800 per tonne” shall be substituted;

2. against S. No. 2, for the entry in column (4), the entry “Rs. Nil per litre” shall be substituted.

This notification shall come into force on the 1st day of November, 2023.

For Official Notification Download the PDF Given Below: