{"id":531831,"date":"2022-10-26T10:08:54","date_gmt":"2022-10-26T04:38:54","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=531831"},"modified":"2022-10-26T11:01:03","modified_gmt":"2022-10-26T05:31:03","slug":"windfall-taxes-on-oil-firms-to-fetch-rs-40000-cr-in-fy23","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/windfall-taxes-on-oil-firms-to-fetch-rs-40000-cr-in-fy23\/","title":{"rendered":"Windfall taxes on oil firms to fetch Rs 40,000 cr in FY23"},"content":{"rendered":"<p>The windfall taxes imposed in July on domestic crude and export of petroleum products will likely generate additional revenues of around Rs 40,000 crore in the current fiscal, a senior official told FE, adding that nearly half of these taxes will likely be paid by private sector companies.<\/p>\n<p>If global crude oil prices decline to $70-75\/bbl, then the windfall taxes will be scrapped, the official said, but added that unless this price range is established, the levies may continue subject to fortnight adjustments.<\/p>\n<p>These one-off levies meant to extract a share for the government from the \u201cwindfall profits\u201d made by oil sector firms due to elevated global crude prices have undergone seven fortnightly revisions since.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The windfall taxes imposed in July on domestic crude and export of petroleum products will likely generate additional revenues of around Rs 40,000 crore in the current fiscal, a senior official told FE, adding that nearly half of these taxes will likely be paid by private sector companies. If global crude oil prices decline to $70-75\/bbl, then the windfall taxes will be scrapped, the official said, but added that unless this price range is established, the levies may continue subject to fortnight adjustments. These one-off levies meant to extract a share for the government from the \u201cwindfall profits\u201d made by [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130],"tags":[],"class_list":["post-531831","post","type-post","status-publish","format-standard","hentry","category-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/531831","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=531831"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/531831\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=531831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=531831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=531831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}