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Mar 1, 2024 · The marginal increase in the windfall tax on the sale of locally produced oil comes at a time when the global oil market is witnessing volatility amid the Red Sea crisis. The April contract of ...
Jul 23, 2022 · A windfall tax is a one-off tax imposed by a government on a company. When a company benefits from something that they are not responsible for, the financial gain that ensues is called windfall profits. Governments, typically, levy a one-time tax over and above the normal rates of tax on such profits, and that is called windfall tax.
Windfall Profits Tax. A windfall profits tax is a one-time surtax levied on a company or industry when economic conditions result in large and unexpected profits. Inheritance taxes and taxes levied on lottery winnings can also be considered windfall taxes on individual profits.
Oct 6, 2022 · The Centre reduced the windfall tax on domestically produced crude oil to Rs 8,000 per tonne from Rs 10,500 per tonne on October 3. Windfall tax is levied by governments when an industry ...
Jul 5, 2022 · On July 1, the government imposed a "windfall" tax on the export of petrol, diesel and aviation turbine fuel (ATF), and a cess on domestically produced crude oil. "The tax increase will reduce the profits of Indian crude producers and oil exporters like Reliance Industries Limited and ONGC," Moody's said in a note on the new taxes.
Jun 1, 2024 · The Indian government has cut the windfall tax on petroleum crude to Rs 5,200 ($62.33) per metric tonne from Rs 5,700, effective on June 1, according to a notification issued on Friday. The tax, which is revised every fortnight, remains unchanged at zero for diesel and aviation turbine fuel.
May 31, 2024 · The Indian government on Friday slashed the windfall tax on petroleum crude to Rs 5,200 ($62.33) per metric ton from Rs 5,700, with effect from June 1. The tax, which is revised every fortnight, remains unchanged for diesel and aviation turbine fuel. On May 16, the Indian government had reduced the windfall tax on petroleum to Rs 5,700 per ...
