The government on Friday cut special additional excise duty (SAED) or windfall tax on crude petroleum to Rs 6,700 per tonne with effect from September 2. In the last fortnightly review on August 14, windfall tax on domestically produced crude oil was set at Rs 7,100 per tonne.
Also Read: Petrol, Diesel Fresh Prices Announced: Check Fuel Rates In Your City On September 2
In August, the government raised the windfall tax on petroleum crude to Rs 7,100 per ton from Rs 4,250 per ton.
Besides, now the SAED or duty on export of diesel will increase to Rs 6 per litre from Rs 5.50 per litre, currently.
The duty on jet fuel or Aviation Turbine Fuel will be doubled to Rs 4 per litre effective Saturday, from Rs 2 per litre currently, according to a finance ministry notification.
It said SAED on petrol will continue at nil. India first imposed windfall profit taxes on July 1, 2022.
The government imposed the windfall tax on crude oil producers in July last year and extended the levy on exports of gasoline, diesel and aviation fuel after private refiners wanted to make gains from robust refining margins in overseas markets, instead of selling at home.
(With agency inputs)
Comments
0 comment