Govt Hikes Windfall Tax on Crude Oil to Rs 7,000 per Tonne from Rs 6,000

By: Admin July 17, 2024 Categories: Central Excise

The Indian government has raised the windfall tax on petroleum crude to 7,000 rupees per metric ton from 6,000 rupees, effective from July 16, according to a notification issued on Monday. This tax is levied in the form of Special Additional Excise Duty (SAED). However, the SAED on the export of diesel, petrol, and jet fuel (ATF) has been retained at ‘nil’.

Earlier, on July 1, the government increased the windfall tax on domestically-produced crude oil to Rs 6,000.

India first imposed windfall profit taxes on July 1, 2022, joining several nations that tax supernormal profits of energy companies. The tax rates are reviewed every fortnight based on the average oil prices in the previous two weeks.

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