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BusinessGovernment hikes windfall tax on crude petroleum, cuts levy on diesel

Government hikes windfall tax on crude petroleum, cuts levy on diesel

Date:

New Delhi, Mar 1: The government has hiked windfall tax on domestically produced crude oil to Rs 4,600 per tonne from Rs 3,300 per tonne with effect from Friday.

The tax is levied in the form of Special Additional Excise Duty (SAED).

The SAED on export of diesel, however, has been cut to nil from Rs 1.50 a litre, according to an official notification.

On petrol and jet fuel or ATF, the levy has been retained at nil.

The new rates are effective from March 1.

first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies.

The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.

Northlines
Northlines
The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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