Windfall taxes on the export of petroleum products and domestic crude oil will generate Rs 40,000 crore for the central government, according to a report in the Financial Express (FE). Half of the taxes will be paid by private sector companies.
The taxes were imposed in July and will only be removed once the price of oil falls below $70-75 per barrel. The tax was not applicable to exports from special economic zones (SEZ).
"There is no separate data yet as to how much has been collected so far through the special levies as these are subsumed in excise duty receipts. But, additional tax revenues could be in the range of Rs 30,000-40,000 crore in the current fiscal," an official told