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 on Monday scrapped 30-month old windfall profit tax on domestically-produced crude oil and on export of jet fuel (ATF), diesel and petrol following a decline in international oil prices.

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

The finance ministry has taken a series of steps signaling a shift in response to declining global oil prices and market conditions.

The government, on Monday, scrapped the windfall tax on exports of petrol, diesel and ATF. The move will benefit domestic refineries such as Reliance Industries Limited (RIL), Oil and Natural Gas Corporation ( ONGC ),

On Monday, the revenue department rescinded the June 30, 2022 notification that levied windfall tax due to decline in global oil prices

After months of deliberations, the Modi government has announced to scrap the windfall tax on aviation turbine fuel (ATF), crude products, petrol and diesel products.