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Govt may levy additional cess: Subir Raha
Subhir Raha Ex Chairman of ONGC said that the Ministry of Finance is the biggest beneficiary of windfall gains due to the high oil prices. He feels that the government could levy an additional cess. He said that the cess on ONGC is specific tax which is currently at Rs 2,500 per tonne.
Subir Raha Ex Chairman of ONGC said that the Ministry of Finance is the biggest beneficiary of windfall gains due to the high oil prices. He feels that the government could levy an additional cess. He said that the cess on ONGC is a specific tax, which is currently at Rs 2,500 per tonne.
The windfall tax should act as a stabilisation fund for subsidies, Raha said. He also feels that the government has taken steps that allegedly violate NELP agreements
Raha said there was no provision of profit sharing under any non-NELP (new exploration licensing policy) regimes. The NELP regime has profit, petroleum and production sharing agreements.
