‘Windfall tax may go if crude oil price trends lower’

There has been a sharp decline in crude prices globally in the last two weeks. Sources tell #BusinessTodayTV that government will likely soon do away with the tax on windfall gains if crude prices continue to remain low. Last week, the government conducted its second review of crude oil prices. As per data received from the Petroleum Ministry, the government decided to raise the tax on domestically produced crude oil to Rs 17,750 per tonne from Rs 17,000 per tonne, while export taxes on jet fuel were cut to zero from Rs 4 per liter. Karishma Asoodani tells us what is the finance ministry deliberating on.