Govt slashes windfall tax on crude petroleum

author img

By PTI

Published : Jan 16, 2024, 9:37 AM IST

The government announced a decrease in the windfall tax on domestically-produced crude oil to Rs 1,700 per tonne from Rs 2,300 per tonne with effect from Tuesday.

The government announced a decrease in the windfall tax on domestically-produced crude oil to Rs 1,700 per tonne from Rs 2,300 per tonne with effect from Tuesday.

New Delhi: The government has cut the windfall tax on domestically-produced crude oil to Rs 1,700 per tonne from Rs 2,300 per tonne with effect from Tuesday. The tax is levied in the form of Special Additional Excise Duty (SAED).

According to an official notification, SAED on export of diesel, petrol and jet fuel or ATF has been retained at nil. The new rates are effective from January 16. India first imposed windfall profit taxes on July 1, 2022, joining a growing number 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.

Read More

  1. Govt cuts windfall gains tax on domestic crude oil to nil
  2. Govt hikes windfall tax on crude oil, export of diesel, ATF
ETV Bharat Logo

Copyright © 2024 Ushodaya Enterprises Pvt. Ltd., All Rights Reserved.