India Cuts Windfall Tax on Crude Oil to Zero
By Rediff Money Desk, New Delhi Sep 17, 2024 22:41
India has eliminated the windfall tax on domestically produced crude oil, effective September 18, 2023. The tax, levied as Special Additional Excise Duty (SAED), was previously set at Rs 1,850 per tonne.
New Delhi, Sep 17 (PTI) The government on Tuesday slashed windfall tax on domestically produced crude oil to 'nil' per tonne with effect from September 18.
The tax is levied in the form of Special Additional Excise Duty (SAED) and is notified fortnightly based on average oil prices in two weeks.
The last such revision took place effective August 31 when the windfall tax on crude petroleum was set at Rs 1,850 per tonne.
The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at 'nil'. The new rates are effective from September 18, an official notification said.
India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies.
The tax is levied in the form of Special Additional Excise Duty (SAED) and is notified fortnightly based on average oil prices in two weeks.
The last such revision took place effective August 31 when the windfall tax on crude petroleum was set at Rs 1,850 per tonne.
The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at 'nil'. The new rates are effective from September 18, an official notification said.
India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies.
Source: PTI
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Spicejet Ltd.
- 73.72 ( -5.23)
- 30742139
- Evexia Lifecare
- 3.60 (+ 1.41)
- 29455916
- Bajaj Housing Fin
- 181.48 (+ 9.99)
- 20018481
- Sunshine Capital
- 2.35 ( -2.08)
- 19067530
- Ola Electric Mobilit
- 118.10 (+ 9.71)
- 18600597
MORE NEWS
Rajasthan Seeks UAE Investment: Minister...
Rajasthan's Industry Minister Rathore met with UAE officials in Dubai to attract...
Mankind Pharma Board to Consider Fund Raising
Mankind Pharma's board will meet this week to discuss raising funds through an issue of...
Salesforce Launches Autonomous AI Suite:...
Salesforce introduces Agentforce, an autonomous AI suite for businesses, replacing...