Govt to earn ₹94,800 crore from windfall tax on domestic crude oil: Moody's

The government will generate close to $12 billion (₹94,800 crore) of additional revenue from windfall taxes on domestic crude oil production and fuel exports, as per an estimate by Moody's Investors Service. The tax increase will reduce profits of Reliance Industries and ONGC, it added. Last week, the government imposed a ₹23,230 per tonne charge on domestically produced crude oil.