Windfall tax reimposed on domestically-produced crude oil, diesel export duty removed

Windfall tax: The government has brought back a windfall tax on domestically-produced crude oil. With effect from April 19, a tax rate of Rs 6,400 per tonne is applicable, according to an official notification. 

Windfall tax reimposed on domestically-produced crude oil, diesel export duty removed
The government has reimposed a windfall tax on domestically-produced crude oil. | Image: Reuters

Windfall tax: The government has revised a windfall tax on domestically-produced crude oil. According to an official notification, the windfall tax rate of Rs 6,400 per tonne is applicable from Wednesday, April 19.  

The government has scrapped the export duty on diesel. In other words, a Special Additional Excise Duty (SAED) applicable on the export of the fuel has been brought to zero from Re 0.5 a litre. However, the SAED on petrol and aviation turbine fuel (ATF) stands at nil. 

ALSO READ: Crude oil prices steady as strong China’s economy data offsets US rate worries

The government reviews these taxes every fortnight. 

(This story will be updated shortly)

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Updated: Wed, Apr 19, 2023
04:04 PM IST
New Delhi, ZeeBiz WebDesk
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