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Export duty on steel and petro products to hit corporate earnings in FY23

Published on July 04, 2022
Current Context: A special tax on the export of steel, iron ore, and petroleum products, and a windfall profit tax on crude oil producers are likely to hit the overall corporate earnings.
Export duty on steel and petro products to hit corporate earnings in FY23
  • Mining & metals and crude oil producers reported a record net profit of Rs 3.05 trillion in FY22.
  • Besides, it accounted for nearly 32% of the overall corporate earnings in FY22.
  • These mining and metal producers were the biggest gainers in FY22 with the sector’s combined net profit rising 132.5%.
  • As per the report, the unexpected jump in earnings in the metals & crude oil sector was largely driven by higher product prices and margins.
  • Apart from that petroleum products, such as diesel, gasoline, and aviation turbine fuel (ATF), were India's top goods exports in FY22.
  • But this latest tax will affect the steel and petroleum products earnings in FY23.


Q.1 Which of the following sectors will get most affected due to special tax from the government?
a. Textile Sectors
b. Mining & Petroleum
c. Export and Import
d. Transport sector
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