Windfall tax on crude oil reduced to zero
New Delhi| The government has reduced the windfall tax on domestically produced crude oil to ‘zero’ per tonne. This decision is effective from 18 September. This tax is levied in the form of Special Additional Excise Duty (SAED) and is reviewed at an interval of two weeks i.e. every fortnight on the basis of average oil prices. The last such amendment was on 31 August, when the windfall tax on crude petroleum was set at Rs 1,850 per tonne. SAED has also been retained at ‘zero’ on exports of diesel, petrol and jet fuel or ATF. An official notification released Tuesday said the new rates will take effect Sept. 18. India first taxed windfall profits on 1 July 2022, and thus joined countries that tax extraordinary profits of energy companies.
India first taxed windfall profits on 1 July 2022, and thus joined countries that tax extraordinary profits of energy companies.
