New Delhi, May 1 (IANS) 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…
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Source: https://www.sarkaritel.com/govt-cuts-windfall-tax-on-crude-oil-ongc-oil-india-ltd-to-gain/