Windfall tax on crude petroleum slashed to zero
The last such revision took place effective August 31 when the windfall tax on crude petroleum was set at Rs 1,850 per tonne.
The government on Tuesday slashed windfall tax on domestically produced crude oil to 'nil' per tonne with effect from September 18.
The tax is levied in the form of Special Additional Excise Duty (SAED) and is notified fortnightly based on average oil prices in two weeks.
The last such revision took place effective August 31 when the windfall tax on crude petroleum was set at Rs 1,850 per tonne.
The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at 'nil'. The new rates are effective from September 18, an official notification said.
India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
NPS vs SIP: Which can help generate larger corpus on Rs 12,000 monthly investment for 25 years; get calculations
Cochin Shipyard Dividend 2024: Do you own this stock? Check dividend amount, record date and payment date
NPS Vatsalya Calculator: What can be your monthly investment to get Rs 78 lakh corpus by the time your child turns 18?
07:57 AM IST