Tue, Jan 16, 2024
Windfall tax cut news India: Windfall tax on petroleum crude has been reduced to 1,700 rupees ($20.53) a tonne from 2,300 rupees a tonne, according to a government notification on Monday.
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Tue, Jan 02, 2024
Windfall tax on crude oil news: The government hiked the windfall tax on petroleum crude oil to 2,300 Indian rupees ($27.63) a ton from 1,300 rupees, it said.
Tue, Oct 31, 2023
SAED on the export of diesel was reduced to Rs 2 per litre from Rs 4 a litre and on jet fuel or ATF to nil from Rs 1, the notification said.
Fri, Sep 29, 2023
The government hiked special additional excise duty (SAED) on crude petroleum to Rs 12,100 per tonne with effect from September 30. In the last fortnightly review on September 15, windfall tax on domestically produced crude oil was set at Rs 10,000 per tonne.
Sat, Sep 16, 2023
The government hiked special additional excise duty (SAED) on crude petroleum to Rs 10,000 per tonne with effect from September 16.
Sat, Sep 02, 2023
The Centre had earlier raised the windfall tax on petroleum crude to Rs 7,100 per tonne from Rs 4,250 per tonne.
Tue, Aug 15, 2023
The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.
Tue, Aug 01, 2023
The Indian government has hiked windfall tax on petroleum crude to 4,250 Indian rupees ($51.68) per tonne from 1,600 Indian rupees with effect from August 1.
Mon, Jul 17, 2023
ONGC and Oil India shares were under pressure on Monday after the government imposed a windfall tax on petroleum crude to Rs 1,600 per metric tonne from zero, reintroducing it after a gap of two months.
Tue, May 16, 2023
Shares of upstream companies rose up to 4 per cent during Tuesday’s session on the BSE. MRPL and Chennai Petro were up between 3-4 per cent. while ONCG and Oil India shares grew more than 1.5 and 2.5 per cent, respectively, today.
Mon, May 15, 2023
The government also informed that there is no change in the excise duty on diesel, petrol and aviation turbine fuel (ATF).
Tue, May 02, 2023
Windfall tax cut on petroleum crude oil: The government left the windfall tax on petrol, diesel and aviation turbine fuel at zero. The government revises tax rates fortnightly based on oil price fluctuations.
Wed, Apr 19, 2023
The government has increased the windfall tax on domestic crude oil output to Rs 6,400 per tonne as part of its efforts to rationalise the tax structure in the petroleum industry and encourage investments
Earlier today, the government reimposed a windfall tax of Rs 6,400 on domestically produced crude oil applicable from April 19, 2023. It scrapped the export duty on diesel and the windfall tax on petrol and aviation turbine fuel (ATF) continues to be zero.
Share Market HIGHLIGHTS: Indian equity benchmarks Nifty 50 and Sensex extended losses to a third straight session on Wednesday, amid mixed moves across global markets as investors weighed optimism about an imminent end to the current cycle of benchmark interest rates against weak quarterly numbers from US majors Johnson & Johnson and Goldman Sachs. Back home, losses in HCL Tech, Infosys, TCS and ICICI Bank posed maximum pressure on both Nifty 50 and Sensex, though gains in HDFC Bank, HDFC and Reliance Industries kept the downside in check. Catch minute-by-minute updates of all the action in the Indian share market on April 19, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and much more only on Zeebiz.com's blog.
Windfall tax: The government has brought back a windfall tax on domestically-produced crude oil. With effect from April 19, a tax rate of Rs 6,400 per tonne is applicable, according to an official notification.
Tue, Apr 04, 2023
The government has cut the windfall profit tax on domestically produced crude oil to zero and halved the levy on the export of diesel to Rs 0.50 per litre in line with softening international oil prices, according to an official order.
Windfall tax cut: The windfall tax of Rs 3,500 per tonne on domestically-produced crude oil has been removed, effective immediately. The Centre has halved the levy on diesel to Re 0.5 per litre from Re 1 per litre.
India in July imposed the windfall tax on crude oil producers and levies on exports of gasoline.
Tue, Mar 21, 2023
Government officials have indicated that the windfall tax would be removed once oil prices fall by $40 per barrel from what it was in July 2022 at the time it was introduced. India first imposed windfall profit taxes on July 1 last year.
Energy stocks such as Oil and Natural Gas Corporation (ONGC), Oil India and GAIL traded in red on Tuesday, even after the government lowered a windfall tax cut on domestically-produced crude oil by 20.5 per cent to Rs 3,500 per tonne.
Share Market HIGHLIGHTS: Indian equity benchmarks Nifty and Sensex finished a strong session with gains to the tune of a quarter of a per cent on Tuesday, led by financial and oil & gas shares, amid positive moves across global markets as the rescue of Credit Suisse brought some relief to investors hurt by heavy selling in bank shares over the past few days though caution persisted. Tuesday's move brought the Nifty50 and the Sensex back above the psychologically-important levels of 17,100 and 58,000 respectively. Catch highlights of all the action in the Indian stock market on March 21, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.com's blog.
Windfall Tax Cut News India: The government on Monday reduced windfall gains tax on domestic production of crude petroleum to Rs 3,500 per tonne from Rs 4400 per tonne.
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