The windfall tax on aviation turbine fuel will increase to 4 rupees per litre from 2 rupees, while the levy on petrol will remain at zero, according to the notification.
While state-run refiners have recorded higher-than-usual margins in 2021-22, the margins are more for private players as they are the biggest beneficiaries of cheap Russian crude.
A sound tax system is one based on the ability to pay or economic surplus. But the STT taxes the circulation of capital and not its returns, making it deeply distortionary.
Exporters said the Budget’s proposals to increase duty-free import limits on processing, create 500 reservoirs and support fisheries startups will boost the marine industry.
After lapses exposed by terror attacks at Pahalgam and Delhi's Red Fort, Centre has hiked Intelligence Bureau's expenditure for investments in long-term assets from Rs 257 cr to Rs 2,549 cr.
The key to fighting a war successfully, or even launching it, is a clear objective. That’s an entirely political call. It isn’t emotional or purely military.
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