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Fm: Finance Minister Defends Windfall Tax On Petroleum Products

Finance Minister Nirmala Sitharaman has defended the windfall tax on petroleum products while speaking through video conferencing during an event in Mumbai on Monday. During the program, the Finance Minister said that the decision to impose Windfall Tax on Crude Oil on petroleum products and crude oil has not been taken suddenly. This is being levied only after regular consultation with the industry concerned.

During the program, he said that it is not fair to say that this decision has been taken suddenly as such decisions are taken only after consultation with the industry concerned. Let us tell you that from July 1, 2022, the central government had announced to increase in the windfall tax on petroleum products (petrol, diesel, ATF) produced in the country. The government had to face criticism due to its decision.

Windfall tax was imposed after consultation with the industry

The Finance Minister said during an event organized by Elana Capital on Monday that the decision to impose a windfall tax on petroleum products has been taken only after taking the industry into confidence. He said that when it was proposed by the government to the industry, it was said that the windfall tax rates would be reviewed every 15 days. After that, the industry world had given its consent.

During the event, when the Finance Minister was asked whether the government was planning to increase the tax-GDP ratio, he replied that widening the tax base is an issue that requires a lot of consultation and analysis. The Finance Minister said that if we do this, we will ensure that it is done in a proper way and with the help of technology. During the program, the Finance Minister said that many steps will have to be taken in a systematic manner to make India a developed country by 2047. The Finance Minister said that things like digitization, education, and infrastructure of the country are most important, and more work is yet to be done in this direction.

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