HomeEconomy NewsIndia reduces windfall profit tax on crude petroleum
The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude petroleum has been reduced to ₹3,250 from ₹5,200 per tonne, according to an official notification.
The Narendra Modi government on Friday (June 14) revised the windfall profit tax on crude petroleum produced in the country.
The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude petroleum has been reduced to ₹3,250 from ₹5,200 per tonne, according to an official notification.
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SAED on diesel, petrol and aviation turbine fuel (ATF) will continue to be zero. The new tax rates will come into effect from June 15, 2024.
India first imposed windfall profit taxes on July 1 last year, joining a growing number 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.
