Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: articles on VAT and GST in India :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: cpt :: VAT Audit :: TDS :: form 3cd :: ACCOUNTING STANDARDS :: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES
 
 
« News Headlines »
 6 important income tax rules for individuals which will change from April 1, 2017
 Key changes in income tax rates individuals need to look at from 1 Apr
 Provisional Enrollment under Goods and Service Tax (GST)
 Ten income tax changes that will come in to effect from April 1
 New income tax provisions you need to be aware of
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return

Windfall tax will hit investments
July, 12th 2008

The oil ministry has told the Prime Minister's Office that the Samajwadi Party's demand for levying a 'windfall profit tax' on private oil producers and refiners is against the tenets of a stable fiscal regime promised by the government while inviting investors and will discourage investments in the country's oil and gas sector.

In a note prepared in reply to a PMO reference, the ministry has pointed out that the "subject of taxation, including the levy of windfall profit tax, falls under the domain of the ministry of finance, which is competent to take an appropriate decision in the matter".

It said the government has already appointed a committee under former cabinet secretary B K Chaturvedi to examine the options for distributing the burden of high oil prices among companies, including producers, refiners, gas and petrochem-makers and refineries that do not have marketing operations.

Implying that since India is a net importer of crude, oil firms in India have not gained as much from high prices, the ministry has pointed out, "Since nearly 80% of crude processed by domestic refineries in India is imported, the cost of production in refineries also moves in tandem with changes in international markets."

"It is recognised worldwide that oil refining is a cyclical industry. There are periods of high refining margins, which spur new investments in refining activity, followed by periods of low margins. Refining margins can even turn negative when markets are faced with surplus product supply or slackening of demand, or both."

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions