India slashes windfall profit tax on crude petroleum

By: Admin
June 01, 2024
Categories: Central Excise – 2023|Notification And Circular
4 Min Read

The Narendra Modi government on Friday (May 31) cut the windfall profit tax on crude petroleum produced in the country.

The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude petroleum has been reduced to ₹5,200 from ₹5,700 per tonne, according to an official notification.

SAED on diesel, petrol and aviation turbine fuel (ATF) will continue to be zero. The new tax rates will come into effect from June 1, 2024.

India first imposed windfall profit taxes on July 1 last year, joining a growing number 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.

For Official Notification: CLICK HERE

Source from: https://www.cnbctv18.com/economy/india-slashes-windfall-profit-tax-on-crude-petroleum-19421386.htm