Windfall tax news: Government cuts windfall tax on crude petroleum

Windfall tax news, Windfall tax cut on crude oil: The government has trimmed windfall tax on domestically produced crude oil to Rs 8,400 per tonne from Rs 9,600 per tonne with effect from today, May 1. Windfall tax which is revised every fortnight is levied in the form of Special Additional Excise Duty (SAED).

The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at nil. The new rates are effective from May 1, 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.

(with agency inputs)

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