Govt hikes windfall tax on domestic crude oil, cuts levy on export of diesel, ATF
Windfall Tax on domestically produced crude oil increased to Rs 10,000 per tonne
The government hiked special additional excise duty (SAED) on crude petroleum to Rs 10,000 per tonne with effect from 16 September.
In the last fortnightly review on 1 September windfall tax on domestically produced crude oil was set at Rs 6,700/tonne.
Besides, the SAED or duty on export of diesel will be cut to Rs 5.50/litre, from Rs 6/litre currently.
The duty on jet fuel or ATF will be reduced to Rs 3.5/litre effective Saturday, 16 September, from Rs 4/litre currently.
SAED on petrol will continue at nil.
India first imposed windfall profit taxes on 1 July, 2022.
Published: 16 Sep 2023, 9:01 AM