Govt cuts windfall tax on crude petroleum
New Delhi (PTI): The government has cut windfall tax on domestically produced crude oil to Rs 8,400 per tonne from Rs 9,600 per tonne with effect from Wednesday.
The tax is levied in the form of Special Additional Excise Duty (SAED).
The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at nil. The new rates are effective from May 1, an official notification said.
India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies.
The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.
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IndiGo appoints William Walsh as new CEO
New Delhi (PTI): The country's largest airline IndiGo on Tuesday announced the appointment of former British Airways chief William Walsh as new CEO.
Walsh, an airline industry veteran, is currently the Director General of the International Air Transport Association (IATA).
Announcing the appointment of Walsh as the CEO, subject to regulatory approvals, IndiGo, in a release, said his tenure at IATA comes to a close on July 31 and is expected to join no later than August 3.
The announcement comes less than three weeks after the sudden exit of IndiGo CEO Pieter Elbers.
Walsh, popularly known as Willie, was formerly CEO of British Airways and IAG (International Airlines Group, a holding company, which owns Aer Lingus, British Airways, Iberia, Level and Vueling).
"As we enter a new phase of transformation and growth, I am delighted to welcome Willie to IndiGo.
"He is an iconic and accomplished aviation leader, and brings a rare combination of global perspective, operational expertise of having built strong customer-focused airlines, deep industry experience and a values-driven leadership, making him exceptionally suited to lead IndiGo at this pivotal cusp of growth," IndiGo Managing Director Rahul Bhatia said.
