Union Budget 2023: FICCI recommends govt to end windfall profit tax on domestically produced crude oil
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)
Written By: Zee Business Video Team