India Raises Windfall Tax on Crude Oil, Diesel | Latest News
Feb 15, 2024 20:31
India's government has increased windfall tax on domestically produced crude oil to Rs 3,300 per tonne and raised the tax on diesel exports to Rs 1.50 per litre.
Illustration: Dominic Xavier/Rediff.com
New Delhi, Feb 15 (PTI) The government on Thursday hiked windfall tax on domestically produced crude oil to Rs 3,300 per tonne from Rs 3,200 per tonne with effect from Friday.
The tax is levied in the form of a Special Additional Excise Duty (SAED).
According to an official notification, SAED on the export of diesel too has been hiked to Rs 1.50 a litre from nil earlier.
On petrol and jet fuel or ATF, the levy will be retained at nil.
The new rates are effective from February 16.
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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