The Indian Government recently levied additional duties on export of domestically produced petroleum products by oil and gas companies as a ‘windfall tax’ to target the extraordinary gains made by these companies. As a Forum we would like to understand the broader industry perspective on these levies, and challenges faced if any, to enable us to engage with the Government and make appropriate representations as required. Further, the lack of parity in the corporate income tax rate between domestic and foreign companies discourages foreign investment in oil and gas exploration. We foresee this issue forming part of our broader pre-Budget consultations and engagements with the Government of India later in the year, and invite your inputs on the same.
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