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.
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