Windfall Tax on Crude Oil Hiked in India
By Rediff Money Desk, NEWDELHI Feb 03, 2024 15:07
India hikes windfall tax on crude oil to Rs 3,200 per tonne, effective from February 3. The tax on export of diesel, petrol, and ATF remains at nil.
New Delhi, Feb 3 (PTI) The government has hiked windfall tax on domestically produced crude oil to Rs 3,200 per tonne from Rs 1,700 per tonne with effect from Saturday.
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.
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.
Read More On:
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
- IFL Enterprises
- 1.36 (+ 4.62)
- 96270207
- Franklin Industries
- 3.90 (+ 4.56)
- 27488423
- Vodafone Idea L
- 16.17 ( -3.69)
- 21236550
- Indian Renewable
- 259.85 ( -4.55)
- 14220958
- AvanceTechnologies
- 0.91 ( 0.00)
- 11517194
MORE NEWS
Indian Markets Turn Negative After Record Highs
Indian stock markets experienced volatility on Thursday, turning negative after...
ASK Property Fund Invests Rs 190 Cr in...
ASK Property Fund has invested Rs 190 crore in a real estate project being developed by...
Japan Trade Deficit Shrinks as Exports Rebound
Japan's trade deficit narrowed in the first half of 2023, driven by a recovery in...