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Govt hikes windfall tax on crude petroleum to Rs 6,800 per tonne
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windfall tax on domestically produced crude to Rs 6,800 per tonne from Rs 4,900 per tonne, with effect from April 4.
The tax is levied in the form of Special Additional Excise Duty (SAED).
The export duty on diesel, petrol and Aviation Turbine Fuel (ATF) will continue to remain zeo.
Earlier on March 15, the government had raised the windfall tax on petroleum crude to Rs 4,900 per ton from Rs 4,600 per ton.
India imposed a windfall tax on crude oil producers from July 2022 and extended the levy on exports of gasoline, diesel and aviation fuel, as private refiners wanted to sell fuel overseas to gain from robust refining margins instead of selling locally.
The government revises the tax fortnightly.
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Read more on economictimes.indiatimes.com
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