Labour will bring a vote on a North Sea windfall tax to parliament on Tuesday.
A debate on the Queen's Speech is to be held on Tuesday, and Labour will put forward an amendment to allow the Commons to vote for or against the measure.
Shadow climate change secretary - and former party leader - Ed Miliband told the BBC's Sunday Morning programme it would give Conservatives MPs a choice, saying: "You can vote for a windfall tax or you can explain to your constituents why you are refusing to provide them the help that they need."
Business Secretary Kwasi Kwarteng said it was a bad idea that would deter firms from investing in the UK.
Mr Kwarteng added: "What you are taxing is investment in jobs, you are taxing investment in wealth creation, you are taxing investment in new technologies.
"And that is what we want to see, we want to see more investment. We don't want to see taxes that essentially act against any incentive to invest."
The minister said also called the policy a bad idea, and an old one, saying: "I am not surprised that a Labour frontbencher is saying we should put up taxes - that's not something that is new to me."
Opposition parties have repeatedly touted the idea of a windfall tax on the record profits of oil and gas companies, saying the money raised could be used to help those struggling the most with rising living costs.
Ministers had dismissed the policy, but attitudes within government appeared to warm last week, with Chancellor Rishi Sunak threatening to introduce the measure if the firms did not invest enough in new projects.
Prime Minister Boris Johnson also said the government would have to look at the proposal if not enough investment was made.
Labour has estimated this would raise £1.2billion over the year ahead to provide targeted support to households and businesses.
However, research by Aberdeen & Grampian Chamber of Commerce shows that the Treasury has already banked £1.5billion more in the first three months of 2022 than it did over the same period in 2021.
Between April 2021 and March 2022, offshore companies paid just over £3billion in tax, according to data from the Office for National Statistics (ONS).
This is a 586% increase on the previous 12 months and is the highest level of tax paid by the industry since 2013/14.
Looking at the three months from January to March this year in isolation, the industry paid £1.7billon in tax in just 90 days, up 670% on the same time last year.