Mon, Dec 02, 2024
The petroleum ministry on Monday (December 2, 2024) removed the windfall tax on aviation turbine fuel (ATF), crude products, diesel, and petrol, Zee Business reported. The ministry has also removed road and infra cess on petrol and diesel exports.
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Wed, Sep 18, 2024
In a move that can ease burdern on common man's pocket in near future, the government on Tuesday slashed windfall tax on domestically produced crude oil to 'nil' per tonne with effect from September 18. The reduction could make petrol, diesel cheaper.
The last such revision took place effective August 31 when the windfall tax on crude petroleum was set at Rs 1,850 per tonne.
Tue, Aug 15, 2023
The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.
Tue, Aug 01, 2023
The Indian government has hiked windfall tax on petroleum crude to 4,250 Indian rupees ($51.68) per tonne from 1,600 Indian rupees with effect from August 1.
Mon, Jul 17, 2023
ONGC and Oil India shares were under pressure on Monday after the government imposed a windfall tax on petroleum crude to Rs 1,600 per metric tonne from zero, reintroducing it after a gap of two months.
Tue, May 16, 2023
Shares of upstream companies rose up to 4 per cent during Tuesday’s session on the BSE. MRPL and Chennai Petro were up between 3-4 per cent. while ONCG and Oil India shares grew more than 1.5 and 2.5 per cent, respectively, today.
Mon, May 15, 2023
The government also informed that there is no change in the excise duty on diesel, petrol and aviation turbine fuel (ATF).
Tue, May 02, 2023
Windfall tax cut on petroleum crude oil: The government left the windfall tax on petrol, diesel and aviation turbine fuel at zero. The government revises tax rates fortnightly based on oil price fluctuations.
Wed, Apr 19, 2023
The government has increased the windfall tax on domestic crude oil output to Rs 6,400 per tonne as part of its efforts to rationalise the tax structure in the petroleum industry and encourage investments
Earlier today, the government reimposed a windfall tax of Rs 6,400 on domestically produced crude oil applicable from April 19, 2023. It scrapped the export duty on diesel and the windfall tax on petrol and aviation turbine fuel (ATF) continues to be zero.
Share Market HIGHLIGHTS: Indian equity benchmarks Nifty 50 and Sensex extended losses to a third straight session on Wednesday, amid mixed moves across global markets as investors weighed optimism about an imminent end to the current cycle of benchmark interest rates against weak quarterly numbers from US majors Johnson & Johnson and Goldman Sachs. Back home, losses in HCL Tech, Infosys, TCS and ICICI Bank posed maximum pressure on both Nifty 50 and Sensex, though gains in HDFC Bank, HDFC and Reliance Industries kept the downside in check. Catch minute-by-minute updates of all the action in the Indian share market on April 19, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and much more only on Zeebiz.com's blog.
Windfall tax: The government has brought back a windfall tax on domestically-produced crude oil. With effect from April 19, a tax rate of Rs 6,400 per tonne is applicable, according to an official notification.
Tue, Apr 04, 2023
The government has cut the windfall profit tax on domestically produced crude oil to zero and halved the levy on the export of diesel to Rs 0.50 per litre in line with softening international oil prices, according to an official order.
Windfall tax cut: The windfall tax of Rs 3,500 per tonne on domestically-produced crude oil has been removed, effective immediately. The Centre has halved the levy on diesel to Re 0.5 per litre from Re 1 per litre.
India in July imposed the windfall tax on crude oil producers and levies on exports of gasoline.
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.
Energy stocks such as Oil and Natural Gas Corporation (ONGC), Oil India and GAIL traded in red on Tuesday, even after the government lowered a windfall tax cut on domestically-produced crude oil by 20.5 per cent to Rs 3,500 per tonne.
Share Market HIGHLIGHTS: Indian equity benchmarks Nifty and Sensex finished a strong session with gains to the tune of a quarter of a per cent on Tuesday, led by financial and oil & gas shares, amid positive moves across global markets as the rescue of Credit Suisse brought some relief to investors hurt by heavy selling in bank shares over the past few days though caution persisted. Tuesday's move brought the Nifty50 and the Sensex back above the psychologically-important levels of 17,100 and 58,000 respectively. Catch highlights of all the action in the Indian stock market on March 21, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.com's blog.
Windfall Tax Cut News India: The government on Monday reduced windfall gains tax on domestic production of crude petroleum to Rs 3,500 per tonne from Rs 4400 per tonne.
Mon, Mar 20, 2023
Today there will be an important meeting regarding windfall tax. Decision on removal of windfall tax is possible. Decision on major reduction is possible in windfall tax. What major decisions can be taken in the meeting? Know from Tarun Sharma.
Mon, Mar 06, 2023
Oil & Gas companies such as Oil and Natural Gas Corporation (ONGC), Oil India Limited (OIL), Mangalore Refinery & Petrochemicals (MRPL), Chennai Petroleum Corporation and Reliance Industries were in the green on the exchanges during the early morning session on Monday.
Share Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 extended gains to a second straight session on Monday tracking positive global cues, as Dalal Street entered a holiday-truncated week with the Holi market holiday the next day. Globally, investors awaited a key testimony by Fed Chairman Jerome Powell and the release of US jobs data this week for more clarity on the future course of interest rates, at a time when the Fed and other major central banks are scrambling to fight red-hot inflation trying not to hurt economic growth.
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