Govt to get $12 billion from tax on crude in rest of fiscal year: Moody’s

The taxes imposed on domestic crude oil and fuel exports will generate close to $12 billion (Rs 94,800 crore) for the government in the remainder of the current fiscal, Moody’s Investors Service said Tuesday, while trimming profit forecasts for Reliance Industries Ltd NSE -1.18 % and ONGC NSE -4.67 %.

The country’s large foreign exchange reserves remain sufficient to pre-empt any issues concerning repayment of external debt despite weakening of the rupee, it said.