Home Business Govt hikes windfall tax on crude petroleum, cuts levy on diesel

Govt hikes windfall tax on crude petroleum, cuts levy on diesel

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Govt hikes windfall tax on crude petroleum, cuts levy on diesel

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Image used for representational purpose.
| Photo Credit: Special Arrangement

The government has hiked windfall tax on domestically produced crude oil to ₹4,600 per tonne from ₹3,300 per tonne with effect from March 1.

The tax is levied in the form of Special Additional Excise Duty (SAED).

The SAED on export of diesel, however, has been cut to nil from ₹1.50 a litre, according to an official notification.

On petrol and jet fuel or ATF, the levy has been retained at nil.

The new rates are effective from March 1.

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.

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