Government Scraps Windfall Gains Tax Amid Stabilized Global Oil Prices and Declining Revenues
(Source: Indian Express; Section: Explained; Page: 09) Topic: GS3 – Indian Economy Context: The windfall gains tax was introduced on July 1, 2022, to address super-normal profits of fuel exporters and oil producers during the global energy crisis following Russia’s invasion of Ukraine. It aimed to ensure domestic fuel supply and offset revenue losses from…