Centre Raises Windfall Tax on Crude Oil to Rs 7000 per Tonne

18 Jul 2024 CW Team

The Indian government has recently announced a substantial hike in the windfall tax on crude oil, raising it to Rs 7000 per tonne from the previous rate. This decision is part of efforts to bolster revenue from the oil sector amid volatile global oil prices. The windfall tax is levied when crude oil prices cross certain thresholds, aiming to capture excess profits earned by oil producers during periods of high oil prices.

The increase in the windfall tax rate is expected to augment the government's revenue streams significantly. This move aligns with broader fiscal strategies aimed at managing economic challenges and optimising resource allocation in the energy sector. By enhancing tax collection from oil companies during periods of windfall gains, the government seeks to stabilise its fiscal position and mitigate the impact of global oil price fluctuations on the domestic economy.

Industry analysts anticipate that the revised windfall tax rate could influence investment decisions within the oil sector, potentially affecting exploration and production activities. The measure underscores the government's proactive stance in leveraging fiscal policy tools to navigate economic uncertainties and sustain growth momentum in critical sectors such as energy.

Overall, the hike in the windfall tax on crude oil reflects India's strategy to harness its natural resource wealth for broader economic development goals while ensuring sustainable revenue generation amid global economic uncertainties.

Resources

03 Jun 2026

Jyoti Structures Launches Heat Safety Drive Across Sites

Jyoti Structures (JSL) has strengthened heat safety measures across its project sites and manufacturing facilities as temperatures rise across India. The company has implemented a Summer Safety Plan covering all transmission line projects to address risks related to heat stress, dehydration and worker fatigue.The initiative includes rescheduling work away from peak afternoon temperatures, provision of drinking water, ORS and lemon-salt solutions, and installation of rest shelters near work areas. Daily toolbox talks, worker health monitoring, first-aid preparedness, emergency transport arrange..

MHADA Declares 82 Buildings Most Dangerous in Central and South Mumbai

The Maharashtra Housing and Area Development Authority (MHADA) has declared 82 buildings as most dangerous across Central and South Mumbai and has appealed to residents to vacate immediately. The list, prepared after structural assessments by the authority, identifies buildings judged to pose imminent risk to occupants and to passersby. Local civic bodies have been asked to coordinate evacuations and to make arrangements for temporary shelter and rehabilitation for displaced households. Officials said the authority prioritised buildings with visible structural distress, severe cracking, tiltin..

Damage Reported At Halwara Airport Terminal After First Rains

Severe damage was reported at the terminal of Halwara Airport during the first major rain spell of the season, prompting immediate concern among aviation and local authorities. Images from the site showed water ingress and visible deterioration of the terminal interior, affecting passenger areas and ancillary services. The airport authority suspended certain operations temporarily to assess structural safety and ensure passenger wellbeing. Preliminary inspections have prioritised electrical systems and roof seals to prevent further water ingress. State aviation officials ordered a formal inqui..