Govt unlikely to make major rate changes in upcoming fortnightly review of windfall gains tax

The Narendra Modi government is unlikely to announce any major rate change as part of the fortnightly review of windfall gains tax.

CNBC-TV18 has learned that the petroleum ministry is of the view that there is no major change in the average international oil price over the last fortnight and thus no major revisions are warranted in the levies under the windfall gains tax. However, it is learned that there could be some marginal revisions for crude, diesel, and aviation turbine fuel (ATF).

The government on November 1 cut the windfall tax on domestically produced crude oil while increasing the rate of export of diesel and ATF in line with the rise in international oil prices. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies.