Centre garners Rs 3,000 crore from windfall tax on oil and gas firms

It is likely to continue with the levy till the Indian basket of crude is above $80 a barrel

The Centre has garnered around Rs 2,500-3,000 crore in the first five weeks after it imposed a windfall tax on oil and gas companies for the export of fuel, Business Standard has learnt. It is likely that the government will continue with the one-time tax till the Indian crude basket is above $80 a barrel, sources said.

The next review of the windfall tax on oil companies is early next week. The average price of the Indian crude basket has averaged $98.29 a barrel so far in August.

“Till the first week of August, we have got about Rs 2,500-3,000