The government has increased the windfall tax on domestically produced crude oil to Rs 4,600 per tonne from Rs 3,300 per tonne, effective from Friday. This tax, known as Special Additional Excise Duty (SAED), has been raised to generate additional revenue.
In a contrary move, the SAED on diesel exports has been reduced to zero from Rs 1.50 per litre, as per an official notification.However, there is no change in the levy on petrol and jet fuel (ATF).
These new tax rates came into effect on March 1st and are part of India’s effort to tax supernormal profits of energy companies. The rates are reviewed every two weeks based on the average oil prices in the preceding fortnight.
In a contrary move, the SAED on diesel exports has been reduced to zero from Rs 1.50 per litre, as per an official notification.However, there is no change in the levy on petrol and jet fuel (ATF).
These new tax rates came into effect on March 1st and are part of India’s effort to tax supernormal profits of energy companies. The rates are reviewed every two weeks based on the average oil prices in the preceding fortnight.
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