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WINDFALL PROFIT TAX (WPT)

This query is : Resolved 
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(Querist)
17 July 2008 WHAT DOES WINDFALL PROFIT TAX ACTUALY MEAN??????


HAS IT BEEN IMPOSED ON ANY CO/SECTOR IN INDIA????
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
17 July 2008 Private upstream oil producing companies and private standalone refineries are making windfall profits in production and refining business as they are charging international prices without any linkage with actual production and refining cost. The refiners are also getting import duty and sales tax exemptions from the Centre.

Some economists call for setting up a high level expert committee to examine why not propose a 20% oil windfall profit tax.
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