Author: otrmaryellen

There have been some media reports which states that ‘Oil Ministry seeks windfall tax review’. The reports, quoting Ministry of Petroleum & Natural Gas’ letter of August, 2022 have stated that the Ministry has sought changes in the levy of Special Additional Excise Duty (SAED). These reports are misleading. It is clarified that the levy of SAED from 1st July, 2022 was accompanied by Government’s announcement of a mechanism of fortnightly review.  Six such reviews have already taken place since the levy of SAED.  In the meanwhile, from time to time, Government has received representations ... Read more