India Mulls Windfall Tax on Domestic Natural Gas:Hindustan Times

The government may bring domestic natural gas, needed for fertilizer production, under windfall profit tax, Hindustan Times reports, citing two unidentified people aware of the development.

• Proposal is being considered as fertilizer subsidy expected to surge over 138% in FY23 from the budget estimate
  • If accepted, it could have a retrospective effect
• Proposal is in line with India’s treatment of locally produced crude oil and fuel exports
• Indian ministries of finance, petroleum, fertilizer didn’t respond to emailed requests for comment: Hindustan Times
  • Oil and Natural Gas Corp., Oil India Ltd., GAIL India Ltd., Vedanta Ltd. and Reliance Industries Ltd. ...