Financial Services News

Govt. hikes windfall tax on domestic crude, cuts levy on export of diesel, ATF

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Image used for representative purpose only.

Image used for representative purpose only.
| Photo Credit: AP

The government on Friday hiked special additional excise duty (SAED) on crude petroleum to ₹10,000 per tonne with effect from September 16.

In the last fortnightly review on September 1, windfall tax on domestically produced crude oil was set at ₹6,700/tonne. Besides, the SAED or duty on export of diesel will be cut to ₹5.50/litre, from ₹6/litre currently.

The duty on jet fuel or ATF will be reduced to ₹3.5/litre effective Saturday, from ₹4/litre currently.

SAED on petrol will continue at nil. India first imposed windfall profit taxes on July 1, 2022. 

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