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.
Sat, Mar 04, 2023
Windfall Tax: The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has hiked to Rs 4,400 per tonne from Rs 4,350 per tonne, the order dated March 3 said.
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.
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
The levy on domestically produced oil has been cut to Rs 4,350 per tonne from Rs 5,050 while the special additional excise duty on ATF has been cut to Rs 1 from Rs 6 per litre.
Stock Market HIGHLIGHTS: Indian equity benchmarks started Thursday's session in the green amid positive moves across global markets. Gains in IT, financial and oil & gas shares pushed the headline indices higher.
Wed, Feb 15, 2023
Indian equity benchmarks extended gains to a third straight session on Thursday though giving up much of their intraday gains on Wednesday, as encouraging macroeconomic data from the US allayed some of the concerns about a prolonged period of steel hikes in benchmark interest rates and sent positive signals to the markets the worldover. Any indication of strength in the world's largest economy is a sigh of relief, as the Fed and other major central banks scramble to tame red-hot inflation without disrupting economic growth amid fears of at least a mild recession.
Sat, Feb 04, 2023
Windfall gain tax on crude oil has been increased from Rs 1900/tonne to Rs 5050/tonne. On ATF, it has almost doubled from Rs 3.5/Litre to Rs 6/Litre, the government said in a notification.
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)
Fri, Jan 20, 2023
Today the results of Reliance Industries will come. How will be the results of Reliance Industries? What is the benefit of reduction in windfall tax? What are the expectations from JIO in the December quarter? Know full details from Varun Dubey.
Tue, Jan 03, 2023
India, the world's largest consumer and importer of oil, has been buying Russian crude barrels at well below a $60 price cap agreed by the West.
Fri, Dec 16, 2022
Earlier on December 1, the government had reduced windfall tax on locally produced oil to Rs 4,900 per tonne.
Tue, Dec 06, 2022
The tax rates are revised every fortnight based on prevailing international rates.
Fri, Dec 02, 2022
The rise in the energy stocks (upstream companies) could mainly be attributed to the government’s move to cut the windfall profit tax on domestically produced crude oil.
Thu, Dec 01, 2022
The government on Thursday slashed to less than half the windfall profit tax on domestically produced crude oil and also reduced the levy on diesel. The revised tax rates become effective from December 2, 2022.
Wed, Nov 02, 2022
The government on Nov 2 cut the windfall tax on domestically produced crude oil while increasing the rate on the export of diesel and jet fuel in line with the rise in international oil prices.
Tue, Nov 01, 2022
In the fortnightly revision of windfall tax, the government hiked the rate on export of diesel to Rs 13 per litre from Rs 12 per litre.
Sun, Oct 16, 2022
The tax on crude oil produced by firms such as state-owned ONGC was increased to Rs 11,000 per tonne beginning October 16 from Rs 8,000, a government notification showed.
Mon, Oct 03, 2022
Decision will be taken to remove windfall gains tax only when crude oil comes down to $80. Deduction of windfall gain tax will be as per the prescribed formula. Next review will be on October 15 regarding this. Know full details from Tarun Sharma.
Sun, Oct 02, 2022
The government has slashed the windfall profit tax on locally-produced crude oil and diesel, in line with a fall in international rates, and scrapped the levy on the export of jet fuel, effective October 2, 2022.
Tue, Sep 20, 2022
Zee Business Top Picks 20th Sep'22: Government calls media report claiming ‘Oil Ministry seeks windfall tax review’ “MISLEADING”
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