6 Jul 2022 , 11:58 AM
According to Moody's Investors Service, taxes levied on domestic crude oil and fuel exports will bring in close to $12 billion (roughly Rs94,800 crore) for the government in the remaining months of the current fiscal year, even as it lowered its profit projections for ONGC and Reliance Industries Ltd.
Despite the rupee's decline, the country still has ample foreign exchange reserves to cover any potential problems with debt service, it said.
The extra income will assist in reducing the negative effects of the decrease in excise duties for gasoline and diesel that was announced in late May to rein in skyrocketing inflation. It stated that "much additional tax revenue will counteract fiscal strain on the sovereign."
The government implemented a "windfall" tax and a cess on locally produced crude oil on July 1. These taxes applied to the export of gasoline, diesel, and aviation turbine fuel (ATF).
As a result of the announcement, Indian oil companies will be required to pay Rs6 per litre (about $12.2 per barrel) on the export of gasoline and ATF, and Rs13 per litre (roughly $26.3 per barrel) on the export of diesel.
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.