By PTIMUMBAI: The government is not looking to impose any new tax on windfall gains that oil and gas producers earned from shooting energy prices, India's top producer ONGC said on Monday. "I don't think they (government) will be talking about this (windfall tax)," Mittal said. This move cost the government Rs 1 lakh crore and talk of a windfall tax is to cover this deficit. Mittal said ONGC is spending Rs 30,000-32,000 crore annually to maintain output from ageing fields and find new reserves. ONGC reported a record net profit of Rs 40,306 crore on a revenue of Rs 1,10,345 crore in the 2021-22 fiscal.

Source: Indian Express May 30, 2022 19:30 UTC