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The nation’s massive overseas alternate reserves stay adequate to pre-empt any points regarding compensation of exterior debt regardless of weakening of the rupee, it stated.
The extra income will assist offset the damaging affect of the discount in excise duties for petrol and diesel introduced in late Might to tame hovering inflation. “Vital extra tax income will offset fiscal strain on the sovereign,” it stated.
On July 1, the federal government imposed a “windfall” tax on the export of petrol, diesel and aviation turbine gasoline (ATF), and a cess on domestically produced crude oil.
“The tax enhance will scale back the earnings of Indian crude producers and oil exporters like
Restricted () and ONGC,” Moody’s stated in a observe on the brand new taxes.
Following the announcement, Indian oil corporations should pay ₹6 per litre (round $12.2 per barrel) on exports of petrol and ATF, and ₹13 per litre (round $26.3 per barrel) on exports of diesel.
