India’s Oil and Gas: Tax Reductions Drive Industry Expansion
the government announced a reduction in windfall profit taxes on domestically produced crude oil and diesel exports on November 16, 2023. The tax on crude oil was slashed from ₹9,800 per tonne to ₹6,300 per tonne, while the tax on diesel was reduced from ₹2 per litre to ₹1 per litre. This strategic decision is poised to have a far-reaching impact on various aspects of the Indian economy.
Online Gaming in India: Growth Narrative and Tax Obstacles
The imposition of a 28% Goods and Services Tax (GST) on online gaming, casinos, and horse racing by the GST Council in India, announced in July 2022,
e-Rupee: Navigating India’s Digital Currency Revolution
, the Digital Rupee had reached 50,000 users and 5,000 merchants. Notably, e₹-W averaged ₹3.25 billion in transactions per day in November 2022. Major retail chains and payment gateways have started accepting e₹-R for transactions. Furthermore, UPI interoperability has been integrated, allowing users to make payments using the digital rupee through existing UPI QR codes and virtual payment addresses.
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