Windfall tax : UPSC Daily Important Topic | 6 July 2022
Windfall tax
✓A windfall tax is a higher tax rate on sudden big profits levied on a particular company or industry.
✓Domestic producers sell crude oil to domestic refineries at international parity prices, thus making windfall gains.
✓ONGC reported bumper profits in the March quarter (when international prices soared to a near 14-year high of $139 per barrel).
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