Windfall tax on crude oil returns amid price surge
1 year, 8 months ago

Windfall tax on crude oil returns amid price surge

Live Mint  

New Delhi: The Central Board of Indirect Taxes and Customs has re-introduced the windfall tax on crude oil a fortnight after bringing it down to zero. Since India follows trade parity pricing of crude oil and petrol, producers of crude oil and refineries that sell finished products realise global prices in the local market. So windfall tax on profits of crude oil producers and refiners on exported products enable the government to benefit from the gain from a surge in their global prices. The reimposition of the windfall tax comes in the backdrop of a surge in crude oil prices in the past fortnight. On the heels of the last revision of the windfall tax, OPEC+, the alliance of Organization of the Petroleum Exporting Countries and its allies including Russia decided to go ahead with an additional output cut of around 1.16 million barrels per day starting May.

Tax Oil Prices Opec Windfall Tax Barrel Crude Oil Windfall Crude Price Price Surge  oil  crude  price  surge  showed  opec  amid  barrel  producers  windfall  returns  global  tax  prices

History of this topic

Mint Quick Edit | Windfall tax is gone but other fuel taxes need reform
3 weeks, 1 day ago

Mint Quick Edit | Windfall tax is gone but other fuel taxes need reform

Live Mint  

On Monday, India’s finance ministry did away with windfall tax on crude-oil products, petrol and diesel, ending a distortive imposition that had been put in place around mid-2022, soon after the Russia-Ukraine war sent oil prices soaring. This will relieve oil companies whose profit margins took a hit thanks to the Centre taking away a slice of their one-off profits …

Government scraps windfall tax on crude, petrol, diesel exports
Top News
3 weeks, 1 day ago

Government scraps windfall tax on crude, petrol, diesel exports

Hindustan Times  

The government on Monday withdrew the nearly two-and-a-half-year-old windfall tax on domestically produced crude oil and exports of petrol, diesel and aviation turbine fuel, relenting to the industry’s demand after the value of petroleum product exports fell sharply because international oil prices plunged. The government had imposed the windfall tax on the petroleum sector from July 1, 2022 The department …

Govt scraps windfall tax on domestic crude, petrol and diesel exports
Trending News
3 weeks, 1 day ago

Govt scraps windfall tax on domestic crude, petrol and diesel exports

Hindustan Times  

NEW DELHI: The government on Monday withdrew windfall tax on domestically-produced crude oil and exports of petrol, diesel and aviation turbine fuel, relenting to the industry demand after international oil prices plunged. A technician opens a pressure gas valve inside the Oil and Natural Gas Corp group gathering station on the outskirts of the western Indian city of Ahmedabad The …

Govt scraps windfall tax on local crude sales, petroleum product exports
3 weeks, 1 day ago

Govt scraps windfall tax on local crude sales, petroleum product exports

Live Mint  

New Delhi: The Union government on Monday scrapped the windfall tax on the sale of domestic crude oil and the export oaviation turbine fuel. The windfall tax was imposed in 2022 as oil prices surged to multi-year highs following Russia's invasion of Ukraine, allowing oil and gas producing companies to make massive profits. Prashant Vasisht, senior vice president and co-group …

India scraps windfall tax on petrol-diesel exports, ATF 2 years after it was imposed
3 weeks, 1 day ago

India scraps windfall tax on petrol-diesel exports, ATF 2 years after it was imposed

Firstpost  

The Indian government has announced abolishing the windfall tax on aviation turbine fuel, crude oil, petrol, and diesel, effective immediately. The decision marks the end of a levy introduced on July 1, 2022 The Indian government Monday announced the scrapping of the windfall tax on crude products, aviation turbine fuel, petrol and diesel exports. After it was introduced in July …

India scraps windfall tax on petrol-diesel exports, ATF 2 years after it was imposed
3 weeks, 1 day ago

India scraps windfall tax on petrol-diesel exports, ATF 2 years after it was imposed

Firstpost  

The Indian government has announced abolishing the windfall tax on aviation turbine fuel, crude oil, petrol, and diesel, effective immediately. The Indian government Monday announced the scrapping of the windfall tax on crude products, aviation turbine fuel, petrol and diesel exports. After it was introduced in July 2022, the windfall tax was revised every 15 days based on international crude …

Government scraps windfall tax on petrol, diesel, and aviation fuel exports
Top News
3 weeks, 1 day ago

Government scraps windfall tax on petrol, diesel, and aviation fuel exports

Hindustan Times  

The government has scrapped windfall tax on Aviation Turbine Fuel, crude products, petrol and diesel products on Monday, December 2, 2024, after months of deliberations on the matter. Windfall tax is a special tax on domestic crude oil production which aims to capture revenue from the windfall gains of oil producers This will immediately bring bring relief to oil conglomerates …

India Likely to End Windfall Tax Review As Oil Prices Stabilise
3 weeks, 5 days ago

India Likely to End Windfall Tax Review As Oil Prices Stabilise

Deccan Chronicle  

New Delhi: The Union finance ministry is likely to discontinue the revision of windfall tax on the export of petrol, diesel and aviation turbine fuel or diesel as global crude oil prices have stabilised to some extent. The finance ministry in consultation with the oil ministry will take a call soon and will review the efficacy of windfall tax, a …

Finance Ministry Considers Scrapping Windfall Tax As Crude Prices Fall: Report
3 weeks, 5 days ago

Finance Ministry Considers Scrapping Windfall Tax As Crude Prices Fall: Report

ABP News  

The finance ministry is reportedly currently assessing the relevance of the windfall tax, according to a Reuters report citing sources from the federal government on Thursday. Introduced in July 2022, the windfall tax was a special levy on domestic crude oil production aimed at capturing revenue from windfall gains made by producers in response to rising global crude prices. According …

Finmin to review efficacy of windfall tax on crude oil and fuel exports
3 weeks, 5 days ago

Finmin to review efficacy of windfall tax on crude oil and fuel exports

Live Mint  

New Delhi, Nov 28 The Finance Ministry would review the efficacy of windfall tax on the export of petrol, diesel and Aviation Turbine Fuel as global crude oil prices have stabilised, sources said. Phenomenal profits made by some oil refiners on exporting fuel at the expense of domestic supplies had prompted the government to introduce an export tax on petrol, …

After a four-year run, windfall tax nears end of the road
1 month, 1 week ago

After a four-year run, windfall tax nears end of the road

Live Mint  

New Delhi: The Centre has decided to scrap the windfall tax, a levy imposed on local production of crude oil and exports of petrol, diesel and jet fuel, at a time of subdued oil prices. Windfall tax was imposed in 2022, as a surge in oil prices to multi-year highs in the wake of the Russia-Ukraine war allowed oil and …

Windfall tax on crude petroleum slashed to zero by govt, effective from September 18
3 months, 1 week ago

Windfall tax on crude petroleum slashed to zero by govt, effective from September 18

India TV News  

In a move that may lead to lower fuel prices, the Indian government has reduced the windfall tax on domestically produced crude oil to zero, effective from September 18. OMCs may reduce fuel prices Petroleum Secretary Pankaj Jain had earlier hinted that oil marketing companies would consider reducing fuel prices if crude oil prices remained low for a prolonged period. …

Crude Oil Prices Fall: Asian Paints, Kansai Gain Up To 5% But ONGC, Oil India Shares Fall
3 months, 2 weeks ago

Crude Oil Prices Fall: Asian Paints, Kansai Gain Up To 5% But ONGC, Oil India Shares Fall

News 18  

A continued decline in Brent crude prices has come as a blessing for oil marketing companies and paint manufacturers, while at the same time, dented sentiment for oil refiners. On the bourses, Asian Paints, Berger Paints India, Shalimar Paints, Kansai Nerolac Paints, Indigo Paints, and Akzo Nobel India gained in the range of 1 per cent to 5 per cent …

India slashes windfall tax on domestic crude oil, removes export tax on diesel, aviation fuel
4 months, 3 weeks ago

India slashes windfall tax on domestic crude oil, removes export tax on diesel, aviation fuel

Firstpost  

Implemented in July 2022, the windfall tax aimed to curb private refiners’ preference for exporting fuel to capitalize on higher refining margins instead of domestic sales India has reduced the windfall tax on crude oil. Image used for representative purpose/Unsplash The central government has reduced the windfall tax on domestically produced crude oil to Rs 4,600 per tonne from the …

Karnataka hikes petrol and diesel prices by ₹3 per litre. Check new rate, other details
6 months, 1 week ago

Karnataka hikes petrol and diesel prices by ₹3 per litre. Check new rate, other details

Live Mint  

Petrol and diesel prices are likely to go up by ₹3 and ₹3.05 approximately in Karnataka as the state government decided to increase taxes on June 15, according to the Petroleum Dealers Association {{^adFree}} {{/adFree}} According to the notification, the sales tax on petrol has been increased from 25.92 percent to 29.84 percent, while the tax on diesel has risen …

India cuts windfall tax on petroleum crude to ₹5,700 per metric ton from today
7 months, 1 week ago

India cuts windfall tax on petroleum crude to ₹5,700 per metric ton from today

Live Mint  

India has cut the windfall tax on petroleum crude to ₹5,700 per metric ton from ₹8,400 with effect from May 16, Reuters reported. Windfall Tax Movements The tax is revised every two weeks, and was similarly cut on May 1, only for petroleum crude to ₹8,400 a metric ton from ₹9,600. In April 2024, the windfall tax on petroleum crude …

Gas price for Reliance trimmed to $9.87; rate for gas that feeds CNG, PNG supplies still at $6.5
8 months, 3 weeks ago

Gas price for Reliance trimmed to $9.87; rate for gas that feeds CNG, PNG supplies still at $6.5

The Hindu  

The government on March 31 cut the price of natural gas produced from difficult areas like deep sea KG-D6 block of Reliance Industries, marginally to $9.87 per million British thermal unit in line with softening of benchmark international gas prices, an official notification said. For the six-month period starting April 1, the price of gas from deepsea and high-pressure, high-temperature …

Govt hikes windfall tax on domestic crude sales to ₹4,900 per tonne
9 months, 1 week ago

Govt hikes windfall tax on domestic crude sales to ₹4,900 per tonne

Live Mint  

The finance ministry on Friday raised the windfall tax on sale of domestic crude oil to ₹4,900 per tonne, effective 16 March. As of 14 March, the Indian crude basket, which comprises both sour grade and sweet grade crude oil processed in Indian refineries, was priced at $84.50 per barrel. The government first introduced windfall taxes on the sale of …

Crude oil prices falling but no relief to public: Kharge slams Centre
11 months, 2 weeks ago

Crude oil prices falling but no relief to public: Kharge slams Centre

Hindustan Times  

New Delhi: Congress president Mallikarjun Kharge on Thursday criticised the central government for failing to lower petrol and diesel prices claiming there has been a significant drop in global crude oil prices. Congress president Mallikarjun Kharge “Crude oil prices have plunged by 31% over 19 months,” he said and accused Prime Minister Narendra Modi-led Bharatiya Janata Party government at the …

India's crude oil output down 0.4% to 2.4 MMT in November, imports decrease 2.3% YoY: PPAC
1 year ago

India's crude oil output down 0.4% to 2.4 MMT in November, imports decrease 2.3% YoY: PPAC

Live Mint  

India produced a total of 2.4 million metric tonnes of crude oil in November 2023 - registering a de growth of 0.4 per cent compared to the year-ago period, according to Petroleum Planning & Analysis Cell. Crude oil imports decreased by 2.3 per cent and increased by 0.4 per cent during November 2023 and April-November 2023 respectively, compared to the …

Brokerage maintains ‘buy’ on ONGC, Oil India as Brent hovers at $80; here’s why
1 year ago

Brokerage maintains ‘buy’ on ONGC, Oil India as Brent hovers at $80; here’s why

Live Mint  

Oil marketing companies in India will find support with international crude oil prices sustaining below the $80 per barrel mark in the near-term. The three major OMCs - Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited reported decent earnings growth in the July-September quarter of fiscal 2023-24 with improved gross refinery margins. The brokerage has …

ONGC, Oil India poised for growth amid shifting oil dynamics
1 year ago

ONGC, Oil India poised for growth amid shifting oil dynamics

Live Mint  

Shares of Oil & Natural Gas Corp Ltd and Oil India Ltd have been on fire, significantly outperforming the Nifty50 index with gains of 38% and 73% respectively this calendar year. This tax, adjusted biweekly, stabilizes net oil realizations for companies like ONGC and Oil India, ensuring consistent earnings. JM Financial Securities Ltd notes that the windfall tax adjustments by …

India's crude oil output up 1.3% to 2.5 MMT in October, imports rise after four months of declines: PPAC
1 year, 1 month ago

India's crude oil output up 1.3% to 2.5 MMT in October, imports rise after four months of declines: PPAC

Live Mint  

India produced a total of 2.5 million metric tonnes of crude oil in October 2023 - registering a growth of 1.3 per cent compared to the year-ago period, according to Petroleum Planning & Analysis Cell. According to PPAC data, crude oil imports increased by 2.2 per cent and by 0.6 per cent during October 2023 and April-October 2023 respectively, compared …

Oil prices slump 4% after OPEC+ postpones output policy meeting to November 30; Brent drops to $79/bbl
1 year, 1 month ago

Oil prices slump 4% after OPEC+ postpones output policy meeting to November 30; Brent drops to $79/bbl

Live Mint  

Oil prices plunged 4 per cent on Wednesday, November 22, after the Organisation of Petroleum Exporting Countries and it allies unexpectedly delayed the policy meeting on output planned for Sunday, raising questions about the future course of crude production cuts. {{^adFree}} {{/adFree}} Back home, on the Multi Commodity Exchange, crude oil futures due for a December 18 expiry, was last …

Government cuts windfall tax on petroleum crude effective tomorrow
1 year, 2 months ago

Government cuts windfall tax on petroleum crude effective tomorrow

Live Mint  

The Indian government announced late on Tuesday night a cut in windfall tax on petroleum crude, ATF and diesel. The government will also cut windfall tax on ATF from ₹3.50/litre to ₹1/litre, and on diesel from ₹5/litre to ₹4/litre. In the previous month, the finance ministry had raised the windfall tax on locally produced crude oil to ₹12,100 per tonne. …

No petrol, diesel price hike likely despite crude oil price surge as elections loom: Moody's
1 year, 2 months ago

No petrol, diesel price hike likely despite crude oil price surge as elections loom: Moody's

The Hindu  

Petrol and diesel prices are unlikely to be increased despite firming raw material costs because of upcoming general elections next year, Moody's Investors Service said. "High crude oil prices will weaken the profitability of the three state-owned oil marketing companies in India — IOC, BPCL and HPCL," Moody's said in a report. "Still, the three companies' fiscal 2024 earnings will …

Government raises windfall tax on crude oil to ₹12,100 per tonne
1 year, 2 months ago

Government raises windfall tax on crude oil to ₹12,100 per tonne

Live Mint  

The union finance ministry on Friday raised the windfall tax on locally produced crude oil to ₹12,100 per tonne. Centre first imposed the windfall taxes on the sale of locally produced crude oil with effect from July 1, 2022 as oil exploration and producing companies made heavy profits amid multi-year high crude oil prices post Russia’s invasion of Ukraine. The …

Windfall tax on crude oil hiked to ₹10,000 per tonne, ATF export reduced
1 year, 3 months ago

Windfall tax on crude oil hiked to ₹10,000 per tonne, ATF export reduced

Live Mint  

The government has hiked windfall tax on the sale of locally-produced crude oil from ₹6,700 to ₹10,000 per tonne, with effect from September 16. Centre first imposed the windfall taxes on the sale of locally produced crude oil with effect from July 1, 2022 as oil exploration and producing companies made heavy profits amid multi-year high crude oil prices post …

Centre cuts windfall tax on crude oil, hikes levy on export of diesel
1 year, 3 months ago

Centre cuts windfall tax on crude oil, hikes levy on export of diesel

Live Mint  

New Delhi: The finance ministry has reduced to windfall tax on the sale of locally-produced crude oil to ₹6,700 per tonne. Centre first imposed the windfall taxes on the sale of locally produced crude oil with effect from July 1, 2022 as oil exploration and producing companies made heavy profits amid multi-year high crude oil prices post Russia's invasion of …

Crude import costs down 35%, creates room to cut fuel prices
1 year, 4 months ago

Crude import costs down 35%, creates room to cut fuel prices

Live Mint  

NEW DELHI : India’s oil import bill declined 35.3% during the first four months of FY24 due to easing crude oil prices over the past year. This fall in the import bill will likely see oil marketing companies, which operate most of the refineries in the country, increase their refining and marketing margins—and profits too —as retail fuel prices have …

Ministry Of Finance Increases Windfall Tax On Crude Oil, Diesel, and Aviation Turbine Fuel
1 year, 4 months ago

Ministry Of Finance Increases Windfall Tax On Crude Oil, Diesel, and Aviation Turbine Fuel

Live Law  

In a significant move, the Ministry of Finance has issued Notification No. 27/2023-Central Excise on August 14, 2023, announcing an upward revision of the windfall tax rates on domestically produced crude oil, diesel, and aviation turbine fuel. According to the notifications, the windfall tax on domestically produced crude oil is set to undergo a substantial increase. Furthermore, diesel's windfall tax …

ECONOMIC PERSPECTIVES | On oil’s slippery slope: India’s goods exports struggle to stem decline
1 year, 4 months ago

ECONOMIC PERSPECTIVES | On oil’s slippery slope: India’s goods exports struggle to stem decline

The Hindu  

Published : Jul 27, 2023 11:00 IST - 6 MINS READ At first look, the evidence is worrying. The value of the country’s goods exports in June dropped to an eight-month low of $33 billion, having fallen sharply by 22 per cent year on year. The value of the country’s oil product exports rose from $25.8 billion in the 2020-21 …

Eye on oil: on oil prices and India
1 year, 6 months ago

Eye on oil: on oil prices and India

The Hindu  

The world’s largest grouping of crude oil producers, commonly known as OPEC+, agreed on Sunday to extend ongoing production cuts into 2024 as it seeks to keep oil prices from falling amid concerns about a global economic slowdown. OPEC major and leading producer Saudi Arabia also voluntarily vowed to reduce output by an extra 1 million barrels per day in …

Union government slashes windfall gains tax on domestic crude oil to zero | Details inside
1 year, 7 months ago

Union government slashes windfall gains tax on domestic crude oil to zero | Details inside

India TV News  

Windfall gains tax: The government has cut windfall gains tax on domestically-produced crude oil to nil while continuing the rate at zero on the export of diesel and ATF. Move comes after reduction in international oil prices The cut in windfall gains tax on domestically-produced crude oil follows the easing of international oil prices - from over USD 80 per …

Why OPEC's crude oil production cut is bad news for India
1 year, 8 months ago

Why OPEC's crude oil production cut is bad news for India

India Today  

The surprise cut in crude oil production by the Organization of Petroleum Exporting Countries on April 2 has shocked commodity markets worldwide, with Brent crude prices climbing $5 a barrel. OPEC’s decision to cut 1.16 million barrels of oil per day to shore up prices has put the world economy, which is already looming under the threat of a recession, …

How will Indian market react tomorrow? Windfall tax, RBI policy, Q4 in focus
1 year, 8 months ago

How will Indian market react tomorrow? Windfall tax, RBI policy, Q4 in focus

Live Mint  

Indian markets are closed on Tuesday on the occasion of Mahavir Jayanti. But now another key factor to impact would be windfall gains tax on domestic crude oil prices. On Tuesday, oil and gas stocks will be in focus after the government trimmed windfall gains tax on domestic crude oil to nil from ₹3,500 per tonne, while halving the levy …

Centre cuts windfall tax on crude oil to zero, diesel halved
1 year, 8 months ago

Centre cuts windfall tax on crude oil to zero, diesel halved

Hindustan Times  

India cut its windfall tax on crude oil to zero from 3,500 rupees a tonne and halved the tax on diesel to 0.5 rupee per litre, a government notification said on Tuesday. India in July imposed a windfall tax on crude oil producers and on exports of gasoline, diesel and aviation fuel, to encourage private refiners to sell fuel products …

Congress asks the government why it can’t pass on the benefit of lower crude prices to consumer
1 year, 9 months ago

Congress asks the government why it can’t pass on the benefit of lower crude prices to consumer

The Hindu  

Attacking the government over prices of petrol and diesel, the Congress on Wednesday asked why the Narendra Modi government has not passed on the benefit of reduction in international crude oil prices to consumers. Addressing a press conference, Congress spokesperson Gourav Vallabh also asked besides the public sector refineries, which private refineries benefited from cheaper Russian crude oil and at …

Centre cuts windfall tax on domestic crude oil to Rs3,500 per tonne
1 year, 9 months ago

Centre cuts windfall tax on domestic crude oil to Rs3,500 per tonne

Live Mint  

The union ministry of finance on Monday reduced the windfall tax on the locally-produced crude oil to ₹3,500 per tonne. The windfall profit tax was imposed last year after crude oil prices soared in the aftermath of the Russia-Ukraine war, fetching large profits for oil producers. Revenue secretary Sanjay Malhotra had told Mint in a post-budget interview on 4 February …

Windfall tax on diesel slashed to ₹0.50 per litre, nil on ATF
1 year, 9 months ago

Windfall tax on diesel slashed to ₹0.50 per litre, nil on ATF

The Hindu  

The government slashed windfall profit tax on export of diesel to its lowest of ₹0.50 per litre and nil on jet fuel while the levy on domestically produced crude oil was marginally increased, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation has hiked to ₹4,400 per tonne from …

Centre cuts windfall tax on crude, aviation turbine fuel and diesel: Report
1 year, 10 months ago

Centre cuts windfall tax on crude, aviation turbine fuel and diesel: Report

Hindustan Times  

India has cut its windfall tax on crude oil and exports of aviation turbine fuel and diesel, according to a government notification dated February 15. The cuts came as Indian refiners continued to stock up discounted Russian fuel amid a steady increase in domestic consumption. The government also cut export tax on aviation turbine fuel to 1.50 rupees per litre …

Explained | Taxing windfall profits of oil companies
1 year, 10 months ago

Explained | Taxing windfall profits of oil companies

The Hindu  

The story so far: On February 3, the Union government hiked the windfall profit tax levied on domestically-produced crude oil as well as on the export of diesel and aviation turbine fuel. This led to sharp increases in fossil fuel prices as sovereigns went to look for other suppliers for its energy needs, culminating in major profits for oil companies. …

Windfall profit tax hiked on domestically produced crude oil
1 year, 10 months ago

Windfall profit tax hiked on domestically produced crude oil

Deccan Chronicle  

New Delhi: In line with international oil prices, the Centre has raised the windfall profit tax levied on domestically-produced crude oil as well as on the export of diesel and aviation turbine fuel. However, top officials said that the windfall profit tax on domestically produced crude oil and export of fuel will continue and is expected to give about Rs …

Why dipping oil price may not mean cheaper fuel
2 years ago

Why dipping oil price may not mean cheaper fuel

Live Mint  

New Delhi: Oil prices that shot up after Russia invaded Ukraine in March plunged as low as $76.1 early December, bringing cheer for the economy. Crude oil prices which touched rock-bottom when the covid pandemic broke out in 2020 have gained steadily since then, as the world made progress in the battle against the coronavirus. With the global economy slowing …

Windfall tax on aviation fuel slashed. Will air tickets be cheaper?
2 years ago

Windfall tax on aviation fuel slashed. Will air tickets be cheaper?

Hindustan Times  

Centre has slashed the windfall profit tax levied on domestically produced crude oil and on export of diesel and Aviation Turbine Fuel. Representative Image Revised Windfall tax rates Levy on crude oil produced by domestic companies- ₹1,700 per tonne from ₹4,900. On July 1, India started imposing the windfall tax on crude oil producers and levies on exports of gasoline, …

Centre cuts windfall tax on domestic crude oil
2 years ago

Centre cuts windfall tax on domestic crude oil

Deccan Chronicle  

New Delhi: The Centre has cut the windfall profit tax on domestically produced crude oil. According to the revised prices, the windfall tax on crude oil produced by firms such as the state-owned Oil and Natural Gas Corporation has been reduced to Rs 1,700/tonne from the previous Rs 4,900/tonne. The new levy also includes Rs 1.5 per litre as road …

What is windfall tax? Learn about its advantages and disadvantages
2 years ago

What is windfall tax? Learn about its advantages and disadvantages

Firstpost  

A windfall gains tax is imposed by governments on specific industries when economic conditions permit those companies to generate earnings that are much above normal. Companies in the designated industry that have profited the most from the extra earnings are primarily subject to windfall taxes and they are typically commodity-based firms. Companies and industrial sectors that have experienced significant increases …

Govt cuts windfall tax on locally produced crude, diesel exports
2 years ago

Govt cuts windfall tax on locally produced crude, diesel exports

Live Mint  

Centre has reduced the windfall tax on sale of domestic crude oil to ₹4,900 per tonne from the current tax of ₹10,200 crore. The cut in the windfall tax on locally produced crude oil comes at a time when oil prices have largely been subdued and below the $90 per barrel mark. The windfall taxes were first imposed on July …

Levy on oil and gas firms’ windfall profits expands to renewable energy
2 years, 1 month ago

Levy on oil and gas firms’ windfall profits expands to renewable energy

The Telegraph  

Energy producers have been targeted with taxes aimed at raising £54 billion by 2028 from what the Chancellor said were “windfall profits”. The new rate will take effect from Jan 1, taking oil and gas producers’ total tax rate to 75 per cent. Meanwhile, a new levy will also take effect from Jan 1 on low-carbon electricity generators, set at …

Discover Related