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.
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Upstream oil exploration and production companies ONGC and Oil India Ltd stand may lose as they will not get the full benefit of rising international prices for their crude. However, the government on the other hand will get more resources to finance its social welfare schemes for the poor and keep its fiscal deficit in check.
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.
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