- 26 June | Read Less, Revise More: IFoS AIR 36 Nikhil's UPSC Strategy | Click Here to Watch →
- 27 June | How to Score 300+ in Philosophy Optional by Yogita Singh Dhami | Click Here to Watch →
- 28 June | Public Administration OGP Advanced Open Class by Ajeet Sir | Click Here to Watch →
News: The Centre has decided to scrap the windfall tax as the oil prices have subdued.
1. A windfall tax is a tax imposed on companies or industries that have experienced unexpectedly high profits due to factors beyond their control or normal business operations.
2. It is often levied on industries such as oil, gas and mining.
3. The purpose of windfall tax is to ensure fairness and equity by taxing companies that disproportionately benefit from unexpected events.
4. India implemented a windfall tax in 2022 to curb excess profits made by the oil and gas companies during the Russia-Ukraine war.
5. The windfall tax is levied in the form of Special Additional Excise Duty (SAED) and is reviewed every fortnight based on average oil prices in two weeks.
