New Delhi: The government has increased the windfall tax on domestically produced crude oil from Rs 1,700 per tonne to Rs 3,200 per tonne from Saturday.
This tax is levied in the form of Special Additional Excise Duty (SAED). According to an official notification, SAED on exports of diesel, petrol and jet fuel or ATF has been retained at zero.
The new rates are effective from February 3. India introduced tax on windfall profits for the first time on July 1, 2022, joining the ranks of countries that tax extraordinary profits of energy companies.
Tax rates are reviewed every fortnight based on the average oil prices over the past two weeks.
