Finance Minister Nirmala Sitharaman on Monday said windfall tax on petroleum products, crude is not ad hoc, but being charged in regular consultation with the industry.
Addressing an event organized online, the minister said it is unfair to call windfall tax as ad hoc, because the tax rate and its resetting are done in complete consultations with the industry. “The very idea was implemented after taking the industry into full confidence,” she said at a function organized by Elara Capital.
“When we suggested the idea we had told the industry that the tax rate will be reviewed every 15 days and we have been doing that,” Sitharaman said.
