Q1. With reference to the revised Windfall Gains Tax notified by the Government through Notification Number 22 of 2026 effective 16 May 2026, consider the following statements: 1. The Special Additional Excise Duty on petrol was reduced to Rs 3 per litre. 2. The duty on diesel was increased to Rs 16.5 per litre and on ATF to Rs 16 per litre. Which of the statements given above is/are correct?
A 1 only
B 2 only
C Both 1 and 2
D Neither 1 nor 2 Correct
Explanation
Both statements are incorrect. The notification levied (not reduced to) Rs 3 per litre Special Additional Excise Duty on petrol, while the duty on diesel was cut to Rs 16.5 and on ATF cut to Rs 16 per litre, not increased.