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Govt hikes windfall tax on crude, cuts levy on diesel
On petrol and jet fuel or ATF, the levy has been retained at nil. The new rates are effective from March 1. India first imposed windfall profit taxes on July 1, 2022.
Representative Image (IANS)
NEW DELHI: The government has hiked windfall tax on domestically produced crude oil to Rs 4,600 per tonne from Rs 3,300 per tonne with effect from Friday. The tax is levied in the form of Special Additional Excise Duty (SAED). The SAED on export of diesel, however, has been cut to nil from Rs 1.50 a litre, according to an official notification.
On petrol and jet fuel or ATF, the levy has been retained at nil. The new rates are effective from March 1. 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.
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