Reports of request for windfall tax review misleading: Oil ministry
The Ministry of Petroleum & Natural Gas has rubbished reports on Centre seeking to review the windfall tax for certain oil fields and blocks. The Hardeep Singh Puri-led Ministry on Tuesday said the reports are misleading.
The Ministry sought exemption in the levy of Special Additional Excise Duty (SAED) in a letter to the Finance Ministry in August, some reports said.
The exemption from the two-and-half-month old levy had been sought for the oil field or blocks which were bid out to companies under Production Sharing Contract (PSC) and Revenue Sharing Contract (RSC).
The reports said the ministry had argued that the contracts have an in-built mechanism to factor in high prices as incremental gains get transferred in form of higher profit share for the government.
