- News
- Windfall tax on crude petroleum reduced to Rs 1,850/tonne
PTI / Aug 31, 2024, 14:59 IST
AA
Text Size
- Small
- Medium
- Large
The Indian government has announced a reduction in the windfall tax on domestically-produced crude oil from Rs 2,100 to Rs 1,850 per tonne, effective from August 31, 2024. The special additional excise duty on the export of diesel, petrol, and jet fuel continues to be ‘nil’. The tax rates are reviewed every fortnight based on recent oil price trends.
NEW DELHI: The
government
has cut
windfall tax
on domestically-produced crude oil to Rs 1,850 per tonne, from Rs 2,100 per tonne with effect from Saturday. 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 August 31, 2024, an official notification issued late Friday 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.
End of Article
FOLLOW US ON SOCIAL MEDIA
