Government Raises Windfall Tax On Domestic Crude, Lower Charges Diesel, ATF Exports

On Friday, the government raised the special additional excise duty (SAED) on crude petroleum to Rs 10,000 per tonne, effective September 16, 2023.

The windfall tax on domestically produced crude oil was set at Rs 6,700/tonne in the last fortnightly review on September 1, 2023.

Furthermore, the SAED, or duty on the diesel export, would be reduced to Rs 5.50/litre from Rs 6/litre currently.

The levy on jet fuel or ATF will be decreased to Rs 3.5/litre on Saturday, down from Rs 4/litre currently.

SAED on petrol will remain zero.

On July 1, 2022, India enacted the first windfall profit taxes.

Also read: Redington Ltd To Provide The Latest Models Of iPhones, Apple Watches Across India

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