Windfall tax to regain the ₹1 lakh crore revenue lost in excise cuts: Report2 min read . Updated: 03 Jul 2022, 02:12 PM IST
- A windfall tax is a type of one-off tax on companies that have seen their profits increase extraordinarily based on favorable market conditions
The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue that the government lost when it cut excise duty on petrol and diesel to cool soaring inflation, according to news agency PTI report citing industry sources said. This development comes following India joining on July 1 a select group of countries that began taxing windfall gains accruing to oil companies from soaring energy prices.
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