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Reliance Industries
The reimposed windfall export taxes on diesel and aviation turbine fuel (ATF) will not apply to Reliance Industries Ltd's SEZ refinery due to judicial rulings, a senior official said on Thursday. Effective March 26, the government revised fuel levies, reintroducing export duties of Rs 21.50 per litre on diesel and Rs 29.50 per litre on ATF, while keeping petrol exports exempt. The move coincided with a Rs 10 per litre cut in excise duty on petrol and diesel. Initially, it was not clear if exports from Reliance's special economic zone (SEZ) refinery - one of the largest contributors to India's refined product exports - would retain exemptions similar to those under the 2022 windfall tax regime. "As per judicial prouncements on this issue, the special additional excise duty and additional excise duty are not applicable on SEZ refineries," Jainendra Singh Kandhari, Joint Secretary in the Tax Research Unit (TRU-1) of the Department of Revenue, said at a media briefing. The government .
The applicability of newly reimposed export windfall taxes on shipments of diesel and ATF from Reliance Industries' SEZ refinery remains the key uncertainty, following India's fuel duty overhaul, with significant implications for refining margins and government revenues, according to analysts. Under the revised framework, effective March 26, India has imposed export duties of Rs 21.50 per litre on diesel and Rs 29.50 per litre on aviation turbine fuel (ATF) while keeping petrol exports exempt. This came alongside a Rs 10 per litre cut in excise duty on petrol and diesel. However, it is not yet clear whether exports from Reliance's special economic zone (SEZ) refinery, which accounted for a large share of India's refined product exports, will continue to enjoy exemptions, as they did under the 2022 windfall tax regime, UK's Investec said in a note. Reliance owns and operates two refineries at Jamnagar in Gujarat - a 33 million tonnes per year unit catering to the domestic market and
The Bombay High Court on Friday dismissed a petition seeking a CBI probe against Reliance Industries Limited and its chairman and managing director Mukesh Ambani for alleged unlawful extraction of natural gas from ONGC's Krishna-Godavari basin fields. A bench of Chief Justice Shree Chandrashekhar and Justice Suman Shyam refused relief to the petitioner Jitendra Maru who had sought registration of an FIR for the offences of theft, dishonesty, misappropriation and criminal breach of trust. A copy of the order was not yet available. As per Maru, RIL allegedly engaged in a "massive organized fraud" from 2004 to 2013 by drilling sideways from its contracted deep-sea wells into the adjacent Oil and Natural Gas Corporation (ONGC) wells, thus illegally extracting natural gas. The petition claimed that the ONGC had discovered this alleged unauthorised extraction in 2013 and had reported it to the Government of India. Maru in his plea relied on an independent investigation conducted by ...