close_game
close_game

Government scraps windfall tax on crude petroleum, effective from today

PTI |
Sep 18, 2024 08:08 AM IST

The tax is levied in the form of Special Additional Excise Duty (SAED) and is notified fortnightly based on average oil prices in two weeks.

The government on Tuesday slashed windfall tax on domestically produced crude oil to 'nil' per tonne with effect from September 18.

The last such revision took place effective August 31 when the windfall tax on crude petroleum was set at <span class='webrupee'>₹</span>1,850 per tonne.(AFP)
The last such revision took place effective August 31 when the windfall tax on crude petroleum was set at 1,850 per tonne.(AFP)

The tax is levied in the form of Special Additional Excise Duty (SAED) and is notified fortnightly based on average oil prices in two weeks.

The last such revision took place effective August 31 when the windfall tax on crude petroleum was set at 1,850 per tonne.

The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at 'nil'. The new rates are effective from September 18, 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.

Stay updated with the...
See more
Stay updated with the latest Business News on Petrol Price, Gold Rate, Income Tax Calculator along with Breaking News Events and Latest News Updates on Hindustan Times.
SHARE THIS ARTICLE ON
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Sunday, October 06, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On