The government has raised the windfall tax on domestically produced crude oil to Rs 3,200 per tonne from Rs 1,700 per tonne with effect from Saturday.
The tax is imposed in the form of a Special Additional Excise Duty (SAED).
As per an official announcement, the SAED on the export of diesel, petrol, and jet fuel, or ATF, has been maintained at nil.
The revised rates are effective from February 3, 2024.
India introduced windfall profit taxes on July 1, 2022, joining many other countries that tax energy businesses’s above-average profits.
Every two weeks, the tax rates are reviewed depending on the previous two week’s average oil prices.
Also read: 3 Hurt In Knife Attack At Paris Railway Station, Suspect Detained
Beat the Heat: 6 Foods You Should Skip This Summer
5 Morning Habits Better Than Meditation
Mango Mania: 6 Juicy Delights You Absolutely Need This Summer!
5 Fruits To Eat On An Empty Stomach For Maximum Benefits
Iconic Bollywood Romances That You Must Watch
Six Key Health Benefits Of Amla (Indian Gooseberry)
5 Everyday Spices That Can Help Fight Cold & Flu
5 Spiced Milk Recipes For Better Immunity
7 Soothing Scents That Help You Sleep Better
7 Natural Drinks That Support Better Sleep
7 Everyday Foods That Naturally Boost Immunity
7 Easy Indoor Plants That Clean Your Air
Stay Cool: 6 Refreshing Foods For Hot Summer Days
8 Most Unique Places In North India To Visit In April
Enhance Your Home with These 5 Stunning Creepers
Inside Stories Of Salman Khan’S Eid Bash
Top 5 Must-Visit Summer Destinations
Want to Stay Fit & Detox? 6 Health Perks of Fasting in Navratri
5 Refreshing Indian Dishes For A Perfect Summer Lunch
Ghibli Studio’s Latest Trend: Everything You Need To Know
To read more such news, download Bharat Express news apps