Windfall Tax MCQ — 2 Practice Questions with Answers

Windfall Tax is a Indian Economy topic in the RAS/RPSC syllabus. This page gathers exam-style Windfall Tax multiple-choice questions with correct answers and explanations, so aspirants can test recall and revise frequently examined concepts.

Practice 2 Windfall Tax multiple-choice questions with detailed answers and explanations. Ideal for RAS/RPSC exam preparation.

2 Questions Indian Economy

Reviewed by: Aspirant Academy Editorial Team

Q1. Consider the following statements regarding Notification No. 22/2026 on windfall tax: 1. It levied a fresh Special Additional Excise Duty of Rs 3 per litre on petrol exports. 2. It increased the Special Additional Excise Duty on diesel exports to Rs 23 per litre. Which of the statements given above is/are correct?

A Both 1 and 2

B 2 only

C 1 only Correct

D Neither 1 nor 2

Explanation

Statement 1 is correct: a fresh SAED of Rs 3 per litre was levied on petrol exports. Statement 2 is incorrect: the SAED on diesel exports was reduced from Rs 23 to Rs 16.5 per litre, not increased to Rs 23.

Q2. Consider the following statements regarding India's windfall tax on petroleum: 1. The windfall tax was first introduced in July 2022. 2. Notification No. 22/2026 was issued under the Income Tax Act, 1961. Which of the statements given above is/are correct?

A Both 1 and 2

B 1 only

C 2 only

D Neither 1 nor 2 (only statement 1 is correct) Correct

Explanation

Statement 1 is correct: the windfall tax was first introduced in July 2022. Statement 2 is incorrect: Notification No. 22/2026 was issued under Section 5A of the Central Excise Act, 1944 read with Section 147 of the Finance Act, 2002, not the Income Tax Act, 1961. Hence only statement 1 is correct, which is option D.

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Frequently Asked Questions

How many Windfall Tax MCQ questions are available?

There are 2 Windfall Tax practice MCQs available on Aspirant Academy, with detailed answers and explanations for each question.

Are answers and explanations provided for Windfall Tax MCQs?

Yes, every Windfall Tax question comes with the correct answer and a detailed explanation to help you understand the underlying concept.

How is Windfall Tax relevant to the RAS/RPSC exam?

Windfall Tax falls under the Indian Economy section of the RAS/RPSC syllabus. It is a frequently tested area and regular practice with these MCQs will strengthen your preparation.

Can I practice Windfall Tax questions in Hindi?

Yes, Aspirant Academy offers bilingual support. You can practice Windfall Tax MCQs in both English and Hindi, including questions, options, and explanations.

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