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regular-article-logo Tuesday, 16 July 2024

Centre reduces windfall tax on domestically-produced crude oil to Rs 3,250 per tonne

The new rates are effective from June 15, an official notification said

PTI New Delhi Published 15.06.24, 11:02 AM
Representational picture

Representational picture File

The government has reduced windfall tax on domestically-produced crude oil to Rs 3,250 per tonne from Rs 5,200, with effect from Saturday.

The tax is levied in the form of Special Additional Excise Duty (SAED). SAED on export of diesel, petrol and jet fuel or ATF, has been retained at 'nil'.

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The new rates are effective from June 15, 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.

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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