Geography of India Current Affairs Analysis
The government on Friday hiked special additional excise duty (SAED) on crude petroleum to ₹12,100 per ton with effect from Saturday.
Windfall Tax:
It is a tax on the profits that ensue from a sudden windfall gain to a particular company or industry.
Unanticipated spike in earnings of an entity resulting from an exogenous event (which could be one-off and/or prolonged) and not resulting from a business decision.
lWindfall Gain: Increase in profit caused
Not by the efforts of Company
External economic events like pandemic,
unusually high revenue
lCharacteristics of Windfall Tax
One time tax
Indirect Tax
Imposed Articles:
Special Additional Excise Tax SAED on Domestically produced Crude Petroleum
Aviation Turbine Fuel
First Imposed in India on: July 1, 2022.
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