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Oil Windfall Tax To Recoup Most Of Rs 1 Lakh Crore Revenue Lost In Excise Cuts

For the remaining 10 months of the current fiscal, the revenue foregone was about Rs 84,000 crore. And the windfall tax will help bridge 85% of this deficit, sources said.

The export tax is to deter companies such as Reliance and Nayara from preferring overseas markets over domestic supplies. The two refiners are among India’s biggest buyers this year of discounted Russian crude oil and have been reaping bumper profits by aggressively boosting fuel exports to regions such as Europe, where many buyers are avoiding imports of Russian oil.

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