India Cuts Windfall Tax on Crude Oil to Rs 4,600/tonne

Jul 31, 2024 23:23

India has reduced the windfall tax on domestically produced crude oil to Rs 4,600 per tonne from Rs 7,000 per tonne, effective August 1. The tax is levied in the form of Special Additional Excise Duty (SAED).

New Delhi, Jul 31 (PTI) The government on Wednesday slashed windfall tax on domestically produced crude oil to Rs 4,600 per tonne from Rs 7,000 per tonne.

The tax is levied in the form of Special Additional Excise Duty (SAED).

The SAED on the export of diesel, petrol and jet fuel or ATF has been retained at nil.

The new rates become effective on August 1, an official notification said.

India first imposed windfall profit taxes on July 1, 2022, and joined 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.

Source: PTI

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India Cuts Windfall Tax on Crude Oil to Rs 4,600/tonne

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