Govt ups windfall tax on crude oil
12:51 AM Jan 03, 2024 IST | IANS
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New Delhi, Jan 2: The government has raised the windfall tax on crude oil and reduced the tax on diesel and aviation turbine fuel.
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The government has hiked the windfall tax on petroleum crude oil to Rs 2,300 ($27.63) a tonne from Rs 1,300 earlier, according to the official notification.
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Upstream oil companies ONGC and Oil India Ltd (OIL) stand to lose as they will not get the full benefit of rising international prices for their crude.
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However, the government on the other hand will get more resources to help to keep its fiscal deficit in check.
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