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regular-article-logo Saturday, 20 April 2024

Centre hikes windfall tax on crude petroleum, cuts levy on diesel with effect from March 1

The tax is levied in the form of Special Additional Excise Duty (SAED)

PTI New Delhi Published 01.03.24, 10:42 AM
Representational image.

Representational image. File

The government has hiked windfall tax on domestically produced crude oil to Rs 4,600 per tonne from Rs 3,300 per tonne with effect from Friday.

The tax is levied in the form of Special Additional Excise Duty (SAED).

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The SAED on export of diesel, however, has been cut to nil from Rs 1.50 a litre, according to an official notification.

On petrol and jet fuel or ATF, the levy has been retained at nil.

The new rates are effective from March 1.

India first imposed windfall profit taxes on July 1, 2022, joining a host 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.

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.

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