Catch-22 set for windfall tax rollback
The Centre has tried to head off an avalanche of criticism over its windfall tax on crude oil refiners, which was announced last week, by holding out the possibility of a rollback.
The trouble was that it linked the reversal of its sudden executive decision to a near impossible conditionality in the current scenario: that crude oil prices would tumble by $40 a barrel from current levels.
The Modi government has already faced flak for trying to beef up its parlous treasury by scooping out profits from crude oil refiners through the windfall tax.
