Tue, Apr 16, 2024
The Indian government has increased the windfall tax on petroleum crude from Rs 6,800 to Rs 9,600 per metric ton, effective April 16. This decision comes as part of the government's fortnightly tax revision, aimed at regulating the export of fuel by private refiners. While diesel and aviation turbine fuel remain exempt from the windfall tax, the recent adjustments signify efforts to balance domestic market supply and curb excessive exports.
More >
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.
Fri, Feb 24, 2023
The new tax, which was also slapped on the export of petrol, diesel and ATF, is calibrated every fortnight in step 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)
By accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.
