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Indian Government Withdraws Windfall Gains Tax on Oil Production and Fuel Exports

Analyzed 7 sources • 8h ago • Saved 20 min • Updated 0m ago
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#Windfall Profit Tax#Crude Oil#India-China Relations#International News#Rbi#Nifty 50#India News#Gst Inclusion#Windfall Gains Tax#Indian Economy and Finance#Windfall Tax#Fuel Exports

Indian Government Withdraws Windfall Gains Tax on Oil Production and Fuel Exports

Cat Icon 1254+ Words Refined into 4 Facts by AI • 4 sources • 8h ago
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India Enhances Oil Sector Competitiveness

Cat Icon 558+ Words Refined into 4 Facts by AI • 1 source • 5h ago
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    • Minister of State for Finance Pankaj Chaudhary announced the tax removal.
    • The notification cancels the special additional excise duty imposed on June 30, 2022.
    • The government also withdrew the road and infrastructure cess on fuel exports.
    • This decision aims to enhance the competitiveness of Indian oil producers.
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India Removes Fuel Cess and Windfall Tax

Cat Icon 732+ Words Refined into 6 Facts by AI • 1 source • 3h ago
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    • The government eliminated the road and infrastructure cess on fuel exports.
    • Windfall tax reduced from Rs 1,850 per tonne to Rs 0 per tonne.
    • Petrol and diesel are now taxed under Value Added Tax (VAT).
    • Oil ministry seeks to include natural gas in GST framework.
    • Finance Minister Nirmala Sitharaman emphasized need for state consensus on GST inclusion.
    • Brent crude prices rose to $72.45 a barrel ahead of OPEC+ meeting.
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Related Update: 3 hours later

RBI Holds Rates, Windfall Tax Withdrawn

Cat Icon 726+ Words Refined into 4 Facts by AI • 1 source • 0m ago
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    • The Reserve Bank of India is expected to maintain interest rates.
    • Windfall tax on fuel exports is withdrawn immediately.
    • The Nifty 50 index gained 145 points to reach 24,276.
    • Ola Electric's market share dropped to 25% in November.
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