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BIAL incurs net loss of Rs 356 crore in FY22 due to Covid-19 impact

The financial performance of BIAL is registering strong growth as passenger volumes in recent months have gone back to pre-Covid levels

Windfall profit tax on crude slashed; tax on diesel, ATF export cut

The government has slashed the windfall profit tax levied on domestically-produced crude oil as well as on export of diesel and ATF following a decline in global oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut steeply to Rs 1,700 per tonne from Rs 4,900, the order dated December 15 said. Crude oil pumped out of the ground and from below seabed is refined and converted into fuel like petrol, diesel and aviation turbine fuel (ATF). The government has also cut the tax on export of diesel to Rs 5 per litre from Rs 8 and the same on overseas shipments of ATF to Rs 1.5 a litre from Rs 5. The new tax rates are effective from December 16. The reduction in tax rates follows a 14 per cent slump in global crude oil prices since November. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, exp

SpiceJet posts highest ever quarterly loss amid high fuel prices

The airline has raised Rs 210 crore from the government's Emergency Credit Line Guarantee Scheme (ECLGS) this year

Windfall profit tax cut on domestic crude oil, diesel; scrapped for ATF

The government cut the windfall profit tax on locally-produced crude oil and diesel on Saturday, in line with a fall in international rates, and scrapped the levy on the export of jet fuel with effect from October 2. At the sixth fortnightly review, the government reduced the tax on domestically-produced crude oil to Rs 8,000 per tonne from Rs 10,500 per tonne. The levy on the export of diesel was reduced to Rs 5 per litre from Rs 10 per litre. The tax at the rate of Rs 5 a litre on Aviation Turbine Fuel (ATF) exports was scrapped with effect from October 2, according to a finance ministry notification issued late Saturday night. The reduction in the tax rates follows the easing of crude oil prices in international markets. While private refiners Reliance Industries Limited and Rosneft-based Nayara Energy are the principal exporters of fuels like diesel and ATF, the windfall levy on domestic crude targets producers like state-owned Oil and Natural Gas Corporation (ONGC) and Vedant

Oil ministry says windfall profit tax response to dynamic situation

The oil ministry on Tuesday said the levy of windfall profit tax was a response to a dynamic situation and its design provides for recalibration based on market inputs and feedback. "Crude oil prices have witnessed extreme volatility in 2022. This has resulted in very high prices for end consumers at petrol pumps. "Countries around the world have implemented various measures to mitigate the adverse impacts on consumers. 'Windfall tax' is one of the measures which helps in dealing with the situation," the ministry said in a statement. India first imposed windfall profit tax on July 1, joining a growing number of nations that tax super normal profits of energy companies. While duties were slapped on the export of petrol, diesel and jet fuel (ATF), a Special Additional Excise Duty (SAED) was levied on locally produced crude oil. "The extent of its applicability, reference period, amount of cess/ tax/ duty, the incidence of tax liability, a mechanism for review are integral to such a .

Govt slashes windfall profit tax on domestic crude oil, ATF, diesel export

The move follows moderation in the Indian basket of crude to $92.53/barrel on average in September compared with the August average of $97.4/barrel

Fuel price: What is windfall gain tax and how it affects fuel prices?

What is windfall gain tax? How does it impact petrol-diesel prices? Which countries impose it? Read this detailed article to know everything about fuel and its relation to windfall gain tax

Govt cuts windfall profit tax on domestic crude oil to Rs 13,000 per tonne

The government on Thursday hiked the windfall profit tax on the export of diesel to Rs 7 per litre and that on jet fuel exports to Rs 2 per litre but slashed the levy on domestically produced crude oil. At the third fortnightly review, the government raised the windfall profit tax on the export of diesel to Rs 7 per litre from Rs 5 a litre and brought back a Rs 2 a litre tax on ATF (Aviation Turbine Fuel) exports, a finance ministry notification showed. Last month, the government had scrapped the windfall profit tax on ATF exports. Alongside, the tax on domestically produced crude oil has been cut to Rs 13,000 per tonne from Rs 17,000 a tonne.

Top headlines: Hindalco Q1 net jumps 48%; RBI's digital lending guidelines

The Reserve Bank of India (RBI) on Wednesday released its guidelines for digital lending, listing companies allowed in the business, the rules for loans and data collection, and how fee is charged

Commonwealth Games 2022 haul shows India's game for diverse sports

At the Gold Coast, India's medals came from eight different sports, four fewer than this time

Govt cuts windfall tax on fuel export, raises levy on domestic crude oil

Centre lowers export tax on diesel and ATF; new rates to be effective from Aug 3

Focus on windfall tax review leads to oil stocks ending in the green

Export taxes on petrol are likely to see the steepest reduction, while levies on diesel and jet fuel could also be lowered to adjust the impact of price declines

ATF crisis in Sri Lanka turns opportunity for South India airports

Several flights of Sri Lankan Airlines, Air Arabia, Jazeera Airways, Gulf Air and Air AirAsia Malaysia are depending on Indian airports starting from May onwards, giving additional revenue to OMCs

Govt issues corrigendum to withdraw excise on ATF for international flights

Indian Oil had begun levying 11% duty following a govt notification; ATF accounts for 40% of an airline's operating expenses

Our expansion plans will take a hit due to ATF duty, say airlines

ATF accounts for around 40 per cent of an airline's operating expenses

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

The review is based on the premise that if crude prices fall, then windfall gains will cease and new taxes would be rollback

Finance Ministry hopes cess will not hit petroleum exports in FY23

The ministry imposed cess on petroleum products of Rs 6 a litre, Rs 13 per litre and Rs 6 on petrol, diesel and ATF exports, respectively, to improve domestic fuel supply and garner additional revenue

Not easy for airline to turn profitable in India, says IATA official

Philip Goh, Regional Vice President for Asia Pacific of International Air Transport Association, made the remarks during a press conference at the 78th annual general of the global airlines meet

Catch 22: Airlines want a 15% hike in airfares but fear a drop in traffic

In the nine hikes since January 1, the jet fuel prices have been increased by Rs 49,017.8 per kl or nearly 55%

No decision on reduction in tax on ATF to bring down prices: Report

The finance ministry has not yet taken a view on the civil aviation ministry's plea for tax cuts on jet fuel (ATF) to bring down prices, a top source said on Wednesday.