Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
According to a government order announced on Thursday, the government increased its windfall tax on petroleum crude to ₹4,600 a metric tonne from ₹3,300 with effect from March 1.
With effect from March 1, India also lowered the windfall tax on diesel from ₹1.50 per litre to zero. Fuel for aircraft turbines and gasoline will remain tax-free. On February 16, the government increased the windfall tax on petroleum crude from ₹3,200 to ₹3,300 per metric tonne, and increased the tax on fuel from ₹0 to ₹1.5 per litre.
India imposed a windfall tax on crude oil producers from July 2022 and extended the levy on exports of gasoline, diesel and aviation fuel, as private refiners wanted to sell fuel overseas to gain from robust refining margins instead of selling locally. The government revises the tax fortnightly.
Also Read : India reached a 12-month high in June imports of crude oil from Russia India's Russian oil imports edged up in February from January
The steel industry's biggest challenge is ensuring a reliable and sustainable power supply, and nucl...
Business 20-Feb-2025
✅ JSPL wins key Odisha coal block in competitive government auction✅ Strategic acquisition ensures...
Business 26-Mar-2025
The Ukrainian government has requested the National Bank of Ukraine (NBU) to permit the sale of fore...
Europe 16-Feb-2024
From April to January 2024, India saw a significant 6.60% increase in power generation compared to t...
Press Releases 27-Feb-2024
Salzgitter Flachstahl GmbH, a German steelmaker, has signed a 10-year agreement with UK-based Octopu...
Europe 23-Feb-2024
China's coal imports are expected to be little changed or decline in 2024 despite an expected increa...
China 11-Mar-2024