Windfall Tax on Petroleum Products, crude is charged on the basis of consultation with the industry

Nirmala Sitharaman on Monday said that windfall tax on petroleum products, crude is not on an ad hoc basis but is being charged in regular consultation with the industry.

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Nirmala Sitharaman on Monday said that windfall tax on petroleum products, crude is not on an ad hoc basis but is being charged in regular consultation with the industry. This because the tax rate and its resetting are done in constant engagement with the industry. She said this while addressing an even organised online. She said that “The very idea was implemented after taking the industry into full confidence. When we suggested the idea we had told the industry that the tax rate will be reviewed every 15 days and we have been doing that.”

As far as the bond inclusion in global index is concerned, she said that many things have changed since the pandemic, especially in terms of inflows. On the question of whether the government is planning to increase the tax-GDP ratio which is only about 1 now, she replied that this issue will take much more consultation and analysis. However, the possibility of widening it can be inferred from the growing number of income tax filings. She assured the nation that in the coming 25 years, by the time India completes 100 years of independence, a lot of things will be reset to become a developed nation by then.