Business

Government Increases Windfall Tax On Crude Petroleum

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

Spriha Rai

Recent Posts

NSE Pledges ₹1 Crore For Pahalgam Attack Victims’ Families; LIC To Fast-Track Claims

The National Stock Exchange (NSE) has pledged ₹1 crore to support families of those killed…

1 hour ago

Netanyahu To Meloni, Top World Leaders Dial PM Modi To Condemn Pahalgam Terror Attack

Top global leaders called Prime Minister Narendra Modi on Thursday to condemn the Pahalgam terror…

2 hours ago

J&K All-Party Meet Backs Centre, Lauds Kashmiris For Supporting Tourists After Pahalgam Terror Attack

An all-party meeting held in Srinagar on Thursday passed a resolution extending full support to…

3 hours ago

Mukesh Ambani Condemns Pahalgam Terror Attack; Offers Free Treatment To Victims

Reliance Industries Chairman and Managing Director  Mukesh  Ambani on Thursday denounced the 22 April terrorist attack…

4 hours ago

Israel Condemns Pahalgam Terror Attack; Offers Support To India

Prime Minister Narendra Modi spoke with his Israeli counterpart, Benjamin Netanyahu on Thursday, following Tuesday’s terror attack in…

4 hours ago

PM Modi Condemns Pahalgam Terror Attack; Vows Unprecedented Action Against Perpetrators

PM Narendra Modi has expressed deep sorrow over the brutal killing of 26 innocent civilians…

4 hours ago