Windfall Gain Tax
On 2nd December, 2024, the government scraped the windfall gains tax on domestic production of crude oil and export of diesel, petrol, and aviation turbine fuel (ATF), scrapping the levy that was introduced 30 months ago amid a surge in the prices of crude oil and key fuels in the international market in the wake of Russia’s invasion of Ukraine.
Impact
- The scrapping of the windfall gains tax may not have any notable impact on the financials of domestic oil producers like Oil and Natural Gas Corporation (ONGC) and Oil India (OIL).
- It does, however, have value as a signal of ....
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