New Delhi: The Centre on Monday increased the windfall tax on domestically produced crude oil to ₹2,100 per tonne from the existing ₹1,700.The revised tax rate is effective from January 3. The windfall tax on aviation turbine fuel has been hiked to ₹4.5 per litre from the existing ₹1.5 per litre, as per a notification … Read more
New Delhi: The Centre expects to meet or even do better than the budgeted FY23 fiscal deficit target, pegged at 6.4% of GDP, on the back of buoyant revenues, officials said. Several ministries may not be able to utilise their full allocation for the year, providing a cushion to the finance ministry to meet the … Read more
The Centre today slashed the windfall tax on export of locally produced crude oil to Rs 9,500 per tonne from Rs 11,000 per tonne. However, windfall tax on exports of aviation fuel has been increased to Rs 5 per litre from Rs 3.50 per litre while on disel it has been hiked to Rs 13/litre … Read more
Industries’ oil-to-chemicals (O2C) business in the September quarter has borne the brunt of headwinds faced by the energy market, and this is expected to weigh on its overall earnings, said Morgan Stanley. Shutdown of refineries, windfall taxes on fuel exports, and lower product cracks are likely to pull down the conglomerate’s earnings sequentially in Q2, … Read more
Billionaire Mukesh Ambani’s . and state-run Oil & Natural Gas Corp. are unlikely to suffer a “material” dent to their credit quality from India’s decision to levy additional taxes on local fuel exports and oil production given already elevated crude prices, Moody’s said. “While profits generated from oil exports will fall because of windfall taxes, … Read more