Government has decided to continue with nil windfall tax for the month of June. The government continues with May 16 windfall tax rates.

Share Market Live

NSE

There is no requirement for a fresh notification as old rates of nil windfall tax continues.

The May 16 windfall tax notification had reduced the special additional excise duty on petroleum crude to nil from Rs 4,100/tonne. It averaged $74.98 a barrel in May and So far in June the average has managed to be below $75/bbl.

The nil windfall tax continued in the subsequent notification on June 4. The same windfall tax regime will now continue till government notifies new rates.

The government has kept $75 as the trigger for windfall tax levy, below which the tax is nil. India’s crude oil basket has been consistently averaging below $75/bbl.

The government reviews windfall tax levies every fortnight and it is likely the next review will happen around mid June.

(Edited by : Keshav Singh Chundawat)