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Windfall oil tax on ONGC in offing to soften fuel prices

Updated : May 24, 2018 03:21 PM IST

Under the scheme, oil producers, who get paid international rates for the oil they produce from domestic fields, would have to part with any revenue they earn from prices crossing USD 70 per barrel mark.
This may be accompanied by a minor tinkering with excise duty rates to give immediate relief to consumers.
States too would be asked to cut sales tax or VAT to show a visible impact on retail prices.

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