Windfall tax to continue for now; collections at Rs 25k cr this year: Govt
The seven-month-old windfall profit tax on domestically produced crude oil and export of fuel is likely to give about Rs 25,000 crore in the current fiscal ending March 31 and the levy will continue for now as international oil prices are up again, top government officials said.
“As of now, crude prices are again on the rise. So, for time being windfall tax will continue,” CBIC chairman Vivek Johri told PTI here.
Separately, Revenue Secretary Sanjay Malhotra said the budget has estimated collection from windfall tax at Rs 25,000 crore in the current fiscal.
As the geopolitical situation continues to be volatile, Johri said it would be “difficult to predict how long the windfall taxes will continue”.
