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HomeEconomy NewsWindfall tax on crude petroleum reduced to ₹4,600 per tonne
Finance news The SAED on the export of diesel, petrol and jet fuel or ATF has been retained at nil. The new rates become effective on August 1, an official notification said.
By CNBC-TV18 August 1, 2024, 12:03:39 AM IST (Updated)
The union government on Wednesday (July 31) reduced windfall tax on domestically produced crude oil to ₹4,600 per tonne from ₹7,000 per tonne. The tax is levied in the form of a 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 become effective on August 1, an official notification said.
India first imposed windfall profit taxes on July 1, 2022, and joined 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.
First Published:
Aug 1, 2024 12:03 AM
IST
