Today’s Current Affairs: India Cuts Windfall Tax on Petroleum Crude, New Rates Effective From Today
India has reduced the windfall tax on petroleum crude to 5,700 rupees per metric ton from 8,400 rupees, with the new rates coming into effect from May 16. The tax, which is adjusted every two weeks, remains at zero for diesel and aviation turbine fuel. This move by the government aims to regulate private refiners and encourage them to sell fuel locally rather than overseas. The tax was initially introduced in July 2022 to control exports of gasoline, diesel, and aviation fuel. Stay updated with the latest developments in today’s current affairs.
1. When did India start the tax on crude oil producers?
– A. July 2020
– B. July 2021
– C. July 2022
– D. July 2023
Answer: C. July 2022
2. What is the revised windfall tax on petroleum crude per metric ton as of May 16?
– A. 5,700 rupees
– B. 8,400 rupees
– C. 9,600 rupees
– D. Zero rupees
Answer: A. 5,700 rupees
3. What is the windfall tax rate for diesel and aviation turbine fuel?
– A. 5,700 rupees
– B. 8,400 rupees
– C. 9,600 rupees
– D. Zero rupees
Answer: D. Zero rupees
4. Why did the Indian government introduce the tax on crude oil producers?
– A. To increase fuel prices domestically
– B. To regulate private refiners
– C. To encourage exports of gasoline
– D. To reduce refining margins
Answer: B. To regulate private refiners
What is the windfall tax on petroleum crude in India currently?
The windfall tax on petroleum crude in India is currently at 5,700 rupees per metric ton.
When was the tax on crude oil producers in India started?
The tax on crude oil producers in India was started in July 2022.
What was the recent change made to the windfall tax on petroleum crude in India?
The recent change made to the windfall tax on petroleum crude in India was a reduction to 5,700 rupees per metric ton from 8,400 rupees, effective from May 16.
Why did India introduce the tax on crude oil producers and exports?
India introduced the tax on crude oil producers and exports in July 2022 to regulate private refiners who were selling fuel overseas instead of locally in order to benefit from high refining margins.
Today's current affairs include the news that India has reduced the windfall tax on petroleum crude from 8,400 rupees to 5,700 rupees per metric ton, effective from May 16. The tax, which is reviewed every two weeks, remains at zero for diesel and aviation turbine fuel. This move comes as part of the government's efforts to regulate private refiners and encourage them to sell fuel locally rather than overseas. The tax was initially implemented in July 2022 to prevent refiners from taking advantage of high refining margins. This decision aims to strike a balance between the interests of the oil producers and consumers.
