Govt to review windfall tax on crude oil and fuel exports every fortnight
The government will review the just introduced windfall tax on domestically produced crude oil and fuel exports every two weeks based on foreign currency rates and international oil prices, but no levels have been fixed for its recall, top officials said on Monday.
Revenue Secretary Tarun Bajaj said the USD 40 per barrel level of oil prices being talked about for a rollback of the levy is unrealistic, considering the international oil rates currently.
The review is based on the premise that if crude prices fall, then windfall gains will cease and new taxes would be rollback.
“There is a way we will monitor it every 2 weeks, depending on the foreign currency rates and depending on where the international prices are,” Bajaj said.
