Govt slashes windfall tax on petroleum crude to Rs 1,850/tonne
government has slashed windfall tax on domestically produced crude oil to Rs 1,850 per tonne from previous Rs 2,100 per tonne. The new rates will be effective from August 31, an official notification said. Windfall tax on export of diesel and aviation turbine fuel (ATF) has been retained at nil.
The tax is levied in the form of Special Additional Excise Duty (SAED).
Previously, the government on August 17 revised the windfall gains tax on petroleum products, reducing the levy on domestic crude oil to Rs 2,100 per tonne, down from the previous Rs 2,400 per tonne.
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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