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New Delhi: The government on Tuesday reduced the windfall tax on domestically produced crude oil to "zero" per tonne from September 18. The new rates are effective from September 18, an official notification said. The government's move will greatly benefit crude oil exporting companies in the country.
The tax is levied as Special Additional Excise Duty (SAED) and is notified fortnightly based on average oil prices in two weeks. The last such revision was effective from August 31 when the government reduced windfall profit tax on crude petroleum from Rs 2100 per tonne to Rs 1850 per tonne.
Windfall tax was imposed in 2022
SAED on export of diesel, petrol and jet fuel or ATF has been retained at 'zero'. India imposed tax on windfall profits for the first time on July 1, 2022, joining a group of countries that tax extraordinary profits of energy companies.
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