The Government has cut the windfall tax on crude oil to Rs 8,400 a metric ton from Rs 9,600 with effect from Wednesday as part of its fortnightly revision.
Upstream oil exploration and production companies ONGC and Oil India Ltd stand to gain as they will have to pay a lower tax on their crude.
The reduction in the windfall tax has been announced in view of the decline in crude oil prices in the market which means the upstream oil companies are not making as much money as they were earlier.
The government had on April 16 raised the windfall tax on petroleum crude to Rs 9,600 a metric ton from Rs 6,800 due to the sharp increase in oil prices at the time.
The windfall tax on crude was introduced in July last year as a sudden spike in prices had increased the earnings of the oil companies and the government wanted to tap part of this gain to reduce the fiscal deficit.
The windfall tax was extended to exports of petrol, diesel and aviation fuel after private refineries started raking in big gains from overseas markets, instead of selling the fuels in the domestic market.
The government has left the windfall tax on these fuels unchanged in the current round.
Pro-Maratha quota activist Manoj Jarange-Patil suspends indefinite hunger strike
Pro-Maratha reservation activist Manoj Jarange-Patil on Thursday suspended his indefinite hunger strike while giving a warning to the state government to stage a fresh protest in Mumbai if the demands made by him are not met.
Some people politicising Manipur’s ethnic violence, confusing people: CM Biren Singh
Biren Singh said that his government's opposition to the immigrants in the state is because they are engaged in drug-related activities and poppy cultivation and these migrants are also creating serious socio-economic problems for the indigenous people.
India world's go-to launch pad: PM Modi
India is becoming the world's go-to launch pad with a record number of foreign satellites being launched from the country in the last decade, Prime Minister Narendra Modi said on Thursday.
Terrorist movement detected along LoC in J&K's Poonch, firing exchange on
Alert troops detected terrorist movement along the Line of Control (LoC) in the Khari Karmara area of J&K’s Poonch district on Thursday after which a firing exchange broke out between the soldiers and the terrorists and is still on, the Army said.
Budget session of Parliament kicks off tomorrow
The Budget Session of Parliament will begin on Friday (January 31) with Finance Minister Nirmala Sitharaman scheduled to table the Economic Survey after President Droupadi Murmu addresses the joint session of both Houses in the morning.
PM Modi shares glimpses of his journey towards Viksit Bharat
Prime Minister Narendra Modi shared a series of captivating pictures highlighting his key engagements throughout January, showcasing India's journey towards a "Viksit Bharat".
No survivors yet of mid-air Washington DC collision
No survivors have yet been found of American Eagle Flight 5342 that collided with a US Army Black Hawk helicopter near the Reagan National Airport in Washington DC Wednesday night.
Will make proposals based on NE’s socio-economic & geographical situations: Arvind Panagariya
The 16th Finance Commission while making its recommendations would keep in mind the socio-economic and geographical situations of the northeastern states, the panel chairman Arvind Panagariya said here on Thursday.