Windfall tax on crude up 165% as oil nears $85/barrel
The Centre raised windfall gains tax on domestic crude by 165% from Rs 1,600 to Rs 4,250 per tonne from August 1 to suck out some of the benefits accruing to producers such as ONGC and Oil India Ltd from global oil prices shooting past the $80 per barrel mark in the last fortnight.
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