Windfall Tax

India first imposed windfall profit taxes on July 1, 2022

Fin Min weighs oil ministry suggestions to get natural gas under GST, repeal windfall tax

Sources within the Finance Ministry indicate that the department is closely monitoring the windfall tax collections and trends in global crude oil prices.

Centre to wind up windfall tax on crude production, exports as oil prices slide: Report

The tax, imposed on both local crude oil production and exports of petrol, diesel, and jet fuel, is a special additional excise duty that is reviewed every fortnight based on the average prices of oil in the preceding two weeks.

Govt to review scrapping of windfall tax on crude: PMO Advisor

The imposition of windfall tax on crude oil has no relevance now, he said, as global oil prices have softened sharply compared to 2022, when the tax was first levied

Govt scraps windfall tax on petroleum crude as global prices cool

Global benchmark Brent crude prices have fallen to below $75 a barrel from over $92 a barrel in April

OMCs to decide on fuel price cut if crude stays low for long: Petroleum Secy

Oil Ministry has been in talks with the Finance Ministry regarding the windfall tax, and the Department of Revenue will take a final decision in this regard. Both ministries will continue to engage in this matter, Petroleum Secy has said.

Govt reduces windfall tax on crude oil to Rs 1,850 per tonne

Windfall tax on export of diesel and aviation turbine fuel (ATF) has been retained at nil.

Govt reduces windfall tax on crude oil to Rs 2,100 per tonne

Earlier on July 31, special additional excise duty (SAED) or windfall tax was lowered by 34.3 percent to Rs 4,600 per tonne on crude oil from Rs 7,000 while tax on diesel and ATF was left unchanged at zero

Govt reduces windfall tax on crude oil to Rs 4,600 per tonne

Earlier on July 16, special additional excise duty (SAED) or windfall tax was increased 16.7 percent to Rs 7,000 per tonne on crude oil while tax on diesel and ATF was left unchanged at zero.

Govt hikes windfall tax on crude oil to Rs 7,000 per tonne from Rs 6,000

India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies.

Govt hikes windfall tax on crude oil to Rs 6,000 per tonne from Rs 3,250

The Indian government has raised the windfall tax on petroleum crude to 6,000 rupees ($71.91) per metric ton from 3,250 rupees, with effect from July 2, according to a notification issued on Monday

Government cuts windfall tax on petroleum crude

From July 2022, India started taxing crude oil production and exports of gasoline, diesel and aviation fuel to regulate private refiners which wanted to sell fuel overseas instead of locally to gain from robust refining margins.

Windfall tax on crude slashed to Rs 5,200 pmt; LPG cylinder prices cut to Rs 1,676

Previously, on May 16, the government had reduced the windfall tax on petroleum crude from 8,400 rupees to 5,700 rupees per metric ton.

Centre cuts windfall tax on petroleum crude

The windfall tax on diesel, petrol and ATF will continue to be nil.

Iran-Israel conflict could delay withdrawal of windfall tax, review likely in July: Govt official

On being asked if the high government revenue collection seen in both direct and indirect tax provided scope to do away with the windfall tax, the official said: "That could have been done."

India cuts windfall tax on petroleum crude

The tax, which is revised every fortnight, was left unchanged at zero for diesel and aviation turbine fuel.

Government increases windfall tax on petroleum crude by 41% from April 16

The tax, which is revised every fortnight, will remain unchanged at zero for diesel and aviation turbine fuel.

Oil stocks feel the pinch after government raises windfall tax on crude; ONGC, Oil India, Indian Oil fall up to 2.5%

The latest hike in windfall tax marks the fifth such increase since February. The move by the Indian government comes as global oil prices continue to rise amid concerns over potential disruptions in supply due to escalating geopolitical tensions.

As oil prices inch up, India raises windfall tax on crude petroleum to Rs 6,800/tonne

Before this, the government on March 15 increased windfall tax on crude petroleum to Rs 4,900/tonne from Rs 4,600/tonne.

Windfall tax on crude petroleum hiked to Rs 4,900/tonne from Rs 4,600/tonne

Before that, on February 16, the government raised the windfall tax on petroleum crude to Rs 3,300 a metric ton from Rs 3,200 and hiked the tax on diesel to Rs 1.5 rupees a litre from zero.

Govt raises windfall gains tax on crude oil, diesel

The tax on diesel will increase to Rs 1.50/litre from nil. Further, SAED on petrol and ATF will continue to be nil.

India raises windfall tax on petroleum crude to 3,200 rupees/tonne

India increased its windfall tax on petroleum oil to 3,200 rupees/ton from 1,700 rupees on Saturday, while keeping the windfall tax on diesel and aviation turbine fuel at zero, the government said late Friday.

Govt slashes windfall tax on crude petroleum to Rs 1,700 per tonne

The tax is levied in the form of Special Additional Excise Duty (SAED). According to an official notification, SAED on export of diesel, petrol and jet fuel or ATF has been retained at nil.

Oil India hits all-time high, ONGC scales 6-year peak on high volumes, tax cuts

Oil India surged by 20% to reach a new peak of Rs 406 per share in intraday, whereas ONGC Ltd gained 5%, hitting Rs 212 per share, marking its highest level since 2018

OMCs in focus post windfall tax cut, 3 new IPOs to open, Red Sea attacks and more | Market Minutes

In this episode of Market Minutes, Lovisha Darad discusses about key factors that will guide market direction on December 19. The government’s windfall tax cut applied to domestically produced crude and diesel exports will bring oil marketing companies (OMCs) in focus. Three new initial public offerings (IPOs) will kick off for subscription on Tuesday. Overseas, global trade is rocked by Iran-backed Houthi militants as they strike ships in the Red Sea. Also, catch Ajit Mishra of Religare Broking on Voice of the Day segment. Market Minutes is a morning podcast that puts the spotlight on hot stocks, key data points, and developing trends.