Thu, Nov 16, 2023
The government on Thursday cut the windfall profit tax on crude oil produced in the country and on exports of diesel in line with softening international oil prices.
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Tue, Mar 21, 2023
Government officials have indicated that the windfall tax would be removed once oil prices fall by $40 per barrel from what it was in July 2022 at the time it was introduced. India first imposed windfall profit taxes on July 1 last year.
Thu, Feb 16, 2023
Windfall profit tax on domestically produced oil has been cut to Rs 4,350 per tonne from Rs 5,050. The decision is in line with international oil prices
Tue, Jan 24, 2023
India first imposed windfall profit taxes on July 1. As per FICCI, the windfall tax was over and above the heavy burden of royalty (20% of oil price for onshore fields and 10% for offshore areas) and oil industry development (OID) cess (20% of oil price)
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