Rs 94,800-cr gains from windfall tax an overestimation: Govt sources

At July 1 rates, revenue gains would be less than Rs 48,000 crore if impact on corporation tax is taken into account

The government would have earned less than Rs 48,000 crore in the nine months of the current fiscal year (2022-23, or FY23) if the windfall tax rates remained constant. It termed the figure of Rs 94,800 crore floating around as an ‘overestimation’, said two senior government officials.
 

Now that the rates have been reduced, the government will get less revenue, although it is difficult to assign any figure due to oil price volatility, one of the officials said.

They are of the view that Rs 94,800 crore does not take into account the effect of windfall tax rates on corporate profits