Higher crude exploration drives non-tax revenue goal
Business Standard|February 03, 2023
The government's push to massively raise the area under exploration and improve ease of doing business in granting petroleum exploration licences has led to a 37.3 per cent higher estimate of non-tax revenue from petroleum, officials told Business Standard.
SUBHAYAN CHAKRABORTY New Delhi, 2 February
Higher crude exploration drives non-tax revenue goal

Under the petroleum head, the latest Budget has listed out non-tax revenue collection estimates of 24,185 crore in FY24.

This is up an annual 37.3 per cent from the revised estimates of 17,620 crore in FY23, and 20 per cent higher than the 20,036 crore in FY22.

Officials said the government considered a higher amount of Petroleum Exploration License Fee being collected in FY24.

The Ministry of Petroleum and Natural Gas (MoPNG) had also communicated the same to the Finance Ministry, they added.

The government lists receipts from licence fees for the right of exploration of oil and gas, as well as royalty on off-shore crude oil and gas production.

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