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DAILY NEWS ANALYSIS
23 July, 2022
7 Min Read
WINDFALL TAX
The Indian government has cut the recently imposed cesses and levies on diesel and aviation turbine fuel (ATF) and removed the cess on exports of petrol due to softening in crude oil prices, amid fears of a global recession.
About windfall tax
A Windfall tax is imposed by a government against certain industries when they experience above-average profits due to economic conditions.
India imposed windfall taxes on 1 July, following the super normal profits of energy companies.
Reduction in taxes
Aim:
It mainly aimed at increasing local supplies and boosting its revenues.
Significance
Why did the Government Increase the Duties Earlier?
Source: The Indian Express
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