Windfall tax yields Rs 40,000 crore for Centre, half from private firms

HomeBusinessWindfall tax yields Rs 40,000 crore for Centre, half from private firms

Published on

October 27, 2022

According to Financial Express, windfall taxes on petroleum product exports and domestic crude oil will raise Rs 40,000 crore for the national government (FE). Private enterprises pay half the taxes.
Oil prices below $70-75 per barrel will abolish the July levies.
Special economic zone exports were tax-free (SEZ).
“Since special levies are included in excise duty receipts, there is no statistics on their total collection. In the current fiscal, new tax receipts might be Rs 30,000–40,000 crore “official said FE.