Windfall Tax on Crude Oil Hiked in India
The tax is levied in the form of Special Additional Excise Duty (SAED).
According to an official notification, SAED on export of diesel, petrol, and jet fuel or ATF, has been retained at nil.
The new rates are effective from February 3.
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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