The government is looking at additional revenue mobilisation measures to offset revenue loss because of the recent excise duty cuts, higher fertiliser subsidies and free ration, people in the know of the matter told CNBC-TV18.
The revenue department is planning to introduce temporary tax on domestic oil and gas producers, the sources said. However, no decision has been taken yet.
The revenue department is assessing the impact of the temporary tax “windfall” gains made by oil and gas producers due to the high prices, sources said.
Apart from windfall gain tax on oil and gas companies, other measures are also being considered, such as accelerating asset monetisation, tighter enforcement, the sources said.
The Finance Minister is yet to finalise the proposal in yet to take a decision, the sources added.
On Tuesday, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri had also hinted that the Centre would announce
more relief measures in view of rising fuel costs.
First Published: May 26, 2022 9:04 PM IST