New Delhi: On Wednesday, the government reduced the windfall tax on domestically produced crude oil to Rs 4,600 per tonne, down from Rs 7,000 per tonne. The Special Additional Excise Duty (SAED) is imposed as the tax. The SAED for diesel, petrol, and jet fuel or ATF exports remains at zero.
An official notification stated that the new rates will come into effect on August 1.
On July 1, 2022, India introduced windfall profit taxes, aligning with other countries that levy taxes on excessive profits earned by energy corporations.
Tax rates are reassessed biweekly depending on the average oil prices from the prior two weeks.
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