The windfall taxes are likely to offset almost half of the Centre’s revenue loss of an estimated Rs 85,000 crore in FY23 from the excise duty cuts on petrol and diesel carried out in May, according to internal calculations by the finance ministry.
Sources said the ministry has estimated that the windfall tax in the current fiscal is likely to collect about Rs 40,000 crore. They also indicated that the super profit tax is likely to continue till the time the global crude prices hover above an average price of $70-75 per barrel.
They said the Centre is not maintaining separate data yet and they are being collected through the special additional excise duty and are subsumed in excise duty receipts.
