Mukesh Ambani gets Christmas gift as Reliance Industries shares soar due to… – haroonabadvital.com
The government has removed the windfall tax on aviation turbine fuel (ATF), raw products, gasoline and diesel products. The move will provide relief to oil companies like Reliance Industries.
In a major move, the Central government has decided to scrap the windfall tax on crude oil products, petrol, diesel and Aviation Turbine Fuel (ATF). The move will come into effect immediately and will provide relief to oil companies like Reliance Industries and ONGC. This decision may increase the gross profit margin of refining. It is worth noting that the windfall profits tax is a special tax on domestic crude oil production, which was imposed in July 2022 after the rise in global oil prices, with the aim of obtaining revenues from producers with huge profits. The decision affected Reliance Industries shares which were trading at Rs 1,307.05 on the BSE, up 1.13 percent at 2:30 pm on Monday.
