New Delhi: The government has reduced the windfall tax on domestically-produced crude oil to Rs 1,850 per tonne, down from Rs 2,100 per tonne starting Saturday. The tax is imposed through Special Additional Excise Duty (SAED). The SAED for diesel, petrol, and jet fuel (ATF) remains unchanged at zero.
An official notification released late Friday stated that the new rates will come into effect starting from August 31, 2024.
On July 1, 2022, India implemented windfall profit taxes, following the lead of other countries that tax excessive profits made by energy companies. Tax rates are assessed biweekly according to the mean oil prices from the preceding fourteen days.
Source- PTI
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