Govt cuts windfall tax on domestic crude, export of diesel, ATF
Oct 18, 2023, 08:05 IST
New Delhi, The government on Tuesday cut special additional excise duty (SAED) on crude petroleum to Rs 9,050/tonne with effect from October 18. In the last fortnightly review on September 29, windfall tax on domestically produced crude oil was set at Rs 12,100/tonne.
Besides, the SAED or duty on export of diesel will be reduced to Rs 4/litre, from Rs 5 per litre currently.
The duty on jet fuel or ATF will be reduced to Rs 1/litre from Rs 2.5/litre currently.
SAED on petrol will continue at nil.
India first imposed windfall profit taxes on July 1, 2022.
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Besides, the SAED or duty on export of diesel will be reduced to Rs 4/litre, from Rs 5 per litre currently.
The duty on jet fuel or ATF will be reduced to Rs 1/litre from Rs 2.5/litre currently.
SAED on petrol will continue at nil.
India first imposed windfall profit taxes on July 1, 2022.