Business

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

Spriha Rai

Recent Posts

Sonam Raghuvanshi Surrenders In Meghalaya Honeymoon Murder Case; Police Confirm Contract Killing Plot

Sonam Raghuvanshi, wife of slain businessman Raja Raghuvanshi, surrendered in Ghazipur under pressure, as confirmed…

7 mins ago

Amit Shah Hails 11 Years Of Modi Government As Era Of Transformation

Marking 11 years of governance, Amit Shah underlined the Modi government's transformational reforms in security…

1 hour ago

PM Modi Highlights 11 Years Of Seva, Governance, & Inclusive Transformation

PM Modi marked 11 years of NDA rule by highlighting achievements in governance, economic growth,…

2 hours ago

Massive Explosives Seized In Bahraich; MLA Demands Action

In a major security incident in Bahraich district, over 500 kilograms of explosives were found…

2 hours ago

Indian Stock Markets Open Strong As IT & PSU Banks Lead The Rally

India’s benchmark indices opened on a positive note Monday, with strong buying interest in IT,…

3 hours ago

India Welcomes World’s Largest Container Ship At Vizhinjam Port

MSC IRINA-the world’s largest container ship by TEU capacity- has arrived at Vizhinjam International Seaport…

3 hours ago