The government has abolished the windfall tax on aviation turbine fuel, crude products, petrol, and diesel after extensive deliberations. This decision is a relief for oil giants like Reliance and ONGC.

The windfall tax, introduced in July 2022, was designed to capture extraordinary gains made by producers amid surging global crude oil prices

Windfall gains tax” referred to cesses imposed on fuel exports and domestic crude oil production to tax super-normal profits of fuel exporters and oil producers. Here is what its removal may signal from the government.

India has scrapped a windfall tax on crude products, aviation turbine fuel, and petrol and diesel exports, a government order said on Monday. Reuters reported on Thursday, citing a federal government source,

Government scraps windfall profit tax on crude oil and fuel exports due to declining international oil prices.

Imposed in July 2022, the windfall tax is a special levy on domestic crude oil production, introduced after rising global crude prices, to capture revenue from windfall gains made by producers

India's finance ministry is evaluating the relevance of windfall tax, a federal government source said on Thursday.

Oil and Natural Gas Corporation , Oil India, Reliance Industries among othes saw their share price rise up to 3% durng the intaday trades on Tuesday. The removal of Windfall tax by the government is l

The government has revoked the windfall tax on crude oil and fuel exports, responding to industry demands amid falling international oil prices.