ongc share price: Reliance, ONGC’s credit quality can bear windfall tax, says Moody’s

Billionaire Mukesh Ambani’s . and state-run Oil & Natural Gas Corp. are unlikely to suffer a “material” dent to their credit quality from India’s decision to levy additional taxes on local fuel exports and oil production given already elevated crude prices, Moody’s said. “While profits generated from oil exports will fall because of windfall taxes, … Read more

Industry body CII pitches for simplification of GST, reduction in tax slabs

CII’s President Sanjiv Bajaj on Tuesday pitched for the simplification of Goods and Services Tax structure, and suggested that electricity as well as fuel should be brought under the GST ambit as that will help make the industry more competitive. He also suggested that the number of tax slabs … Read more

India expands biofuel tax benefits for ethanol and vegetable oils

India has expanded the excise duty exemption for biofuels to encourage the blending of higher proportions of ethanol and components of vegetable oil with gasoline and diesel, a government order said. India, the world’s third-biggest oil importer and consumer, has been particularly keen to rein in its oil import … Read more

Govt to review windfall tax on crude oil and fuel exports every fortnight

The government will review the just introduced windfall tax on domestically produced crude oil and fuel exports every two weeks based on foreign currency rates and international oil prices, but no levels have been fixed for its recall, top officials said on Monday. Revenue Secretary Tarun Bajaj said the … Read more

India to drop windfall tax if oil prices fall $40 a barrel: Revenue Secy

India will only withdraw its windfall tax introduced last week for oil producers and refiners if global prices of crude fall as much as $40 a barrel from present levels, Revenue Secretary Tarun Bajaj told Reuters on Monday. The tax on firms that have increased product exports to gain … Read more

oil: Windfall tax could erode earnings of oil companies, refiners by 5-15%

Typically, refining companies are ascribed EV/EBITDA multiples of 8-9 times in upcycles; this may drop by 1-2x due to the windfall tax and uncertainty over sunset for the recently introduced export curbs. Synopsis Stocks of refiners and explorers plunged last week after the government announced the tax. ONGC and Reliance Industries (RIL) were the leading … Read more

Mauritius-based PEs not to pay additional capital gains tax, says MRA

The Mauritius Revenue Authority (MRA) has clarified that foreign entities based in the island country need not pay additional capital gains tax following representations from private equity firms which have invested in India. The MRA said in respect to distributions made by foreign fiscally transparent entities to Mauritian residents, … Read more

Govt slaps export tax on petrol, diesel; windfall tax on domestic crude oil

The government on Friday slapped an export tax on petrol, diesel and jet fuel (ATF) shipped overseas by firms like Reliance Industries Ltd, and imposed a windfall tax on crude oil produced locally by companies such as ONGC and Vedanta Ltd. The government imposed a Rs 6 per litre … Read more