Business and Finance Business and Finance
Thu, November 28, 2024
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Finance ministry weighs removing windfall tax amid falling crude prices

Finance ministry weighs removing windfall tax amid falling crude prices


Published on 2024-11-28 03:00:37 - Bill Williamson, WOPRAI
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  • The federal finance ministry will evaluate scrapping windfall tax on domestic crude oil output, Tarun Kapoor, adviser to the Indian prime minister, said last month

The Indian Finance Ministry is considering the removal of the windfall tax on domestically produced crude oil due to the recent decline in global crude oil prices. This tax, initially imposed to capture excess profits when oil prices were high, might be adjusted or eliminated as Brent crude prices have fallen below $80 per barrel. The decision comes in light of the government's ongoing review of the Special Additional Excise Duty (SAED) on crude oil, which was last adjusted on November 16, 2023. The potential removal of the tax aims to reflect the current market conditions and could provide relief to domestic oil producers by aligning their tax obligations with the reduced profitability due to lower oil prices.

Read the Full Business Standard Article at [ https://www.business-standard.com/economy/news/finance-ministry-weighs-removing-windfall-tax-amid-falling-crude-prices-124112800372_1.html ]
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