The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks. (Representative image)
The government has reduced windfall tax on domesticallyproduced crude oil to Rs 3,250 per tonne from Rs 5,200, with effect from Saturday.
The government has reduced windfall tax on domestically-produced crude oil to Rs 3,250 per tonne from Rs 5,200, with effect from Saturday.
The tax is levied in the form of a Special Additional Excise Duty (SAED).
SAED on the export of diesel, petrol and jet fuel, or ATF, has been retained at ’nil’.
The new rates are effective from June 15, an official notification said.
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.
On June 1, the government cut the windfall tax on petroleum crude to Rs 5,200 per metric ton from 5,700 rupees.
On May 16, the windfall tax on petroleum to Rs 5,700 per metric ton from 8,400 rupees.
