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Small oil and gas field operators ask govt for exemption from windfall tax

The central government from July 1, 2022, levied a tax on crude and petroleum products to capture supernormal profits of energy companies amid a sharp rise in global oil prices

Combined Russian oil flows for Asia’s top two buyers, India and China, surged to records in April. (Photo: Bloomberg)

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2 min read Last Updated : Sep 27 2022 | 11:56 AM IST

Small oil and gas field operators have urged the central government to withdraw the windfall tax on crude produced in FY23 as it would be the first year of production for almost all of them, reported Livemint on Tuesday.

The Association for Discovered Small Field Operators (ADSFO), in a letter to the oil ministry, said they should be exempt from petroleum cess (levied by way of special additional excise duty or SAED), or the windfall tax on their entire production for FY23, the report stated.

The central government from July 1, 2022, levied a tax on crude and petroleum products

Topics : Taxation oil and gas field indian government Petroleum sector BS Web Reports Crude Oil economy

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