India on Thursday cut the windfall tax on crude oil to 4,900 rupees ($60.34) per tonne, according to a government regulation.
In addition, the export tax on diesel has been reduced to 8 rupees per liter.
Changes to the windfall tax will take effect from Friday, the order said.
GST revenue will rise 11 percent to about Rs 1.46 trillion in November 2022, Treasury Department data shows
The first phase of voting for the Gujarat general elections started at 8 am today. People were seen queuing outside the polling stations, waiting for their turn to cast their ballots. At this stage, 89 seats will be voted on. The BJP is hoping to return to power for a seventh straight year as its main rival AAP seeks to invade the saffron-dominated state. Congress had reduced visibility during the election campaign.
Indian migrant workers, who maintain their place as the world’s largest remittance recipients, will send home a record $100 billion in 2022 despite global headwinds such as rising prices. In its latest Migration and Development Letter, the World Bank said remittance flows to India will increase by 12 percent, ahead of inflows from China, Mexico and the Philippines.
India today assumes the presidency of the G-20 grouping, the leading forum for international economic cooperation. Around 100 monuments, including UNESCO World Heritage sites, bearing the G-20 logo will be illuminated for seven days from December 1-7 to celebrate the occasion. Monuments include the Shankaracharya Temple in Srinagar, the Red Fort in Delhi and the Great Living Chola Temple in Thanjavur. During its presidency, India will host 200 meetings in all nations.
