India Raises Windfall Tax on Crude Oil to Rs 6,000/tonne

Jul 02, 2024 10:05

India hiked windfall tax on domestic crude oil to Rs 6,000 per tonne, effective from July 2, 2023. The move comes as global oil prices remain high.

India Raises Windfall Tax on Crude Oil to Rs 6,000/tonne

Photograph: Carlos Garcia Rawlins/Reuters

New Delhi, Jul 2 (PTI) The government has hiked windfall tax on domestically produced crude oil to Rs 6,000 per tonne, from Rs 3,250 per tonne, with effect from Tuesday.

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 are effective from July 2, 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 rates are reviewed every fortnight based on average oil prices of the previous two weeks.

Source: PTI By Rediff Money Desk, New Delhi

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