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
![Government raises special additional excise duty on crude petroleum to Rs 10,000 per tonne (photo: National Herald archives)](https://media.assettype.com/nationalherald%2F2023-09%2Fab15f6fd-79aa-4f24-a58b-1754fbc07673%2Ftax.webp?rect=0%2C0%2C1200%2C675&auto=format%2Ccompress&fmt=webp)
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.
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Published: 16 Sep 2023, 9:01 AM