MCQ
Windfall Tax MCQ - Practice Questions with Answers
Solve 2 Windfall Tax questions for RAS/RPSC preparation.
Practice questions
Q1Consider 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?
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.
Q2Consider 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?
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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