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Monday, September 25 2023
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Government hikes windfall tax on crude oil in fortnightly review

Government hikes windfall tax on crude oil in fortnightly review
Photo Credit : Openverse

Image source: “Okta Crude Oil Refinery near Miladinovci, Macedonia
by rante_to4ak is licensed under CC BY-NC 2.0.

New Delhi: The government on late Friday evening hiked the windfall tax on domestic production of crude oil to Rs 10,000 per tonne from Rs 6,700 per tonne.

It also reduced the special additional excise duty (SAED) or windfall tax on aviation turbine fuel (ATF) to Rs 3.50 per litre from 4 rupees per litre.

According to a gazette notification, windfall tax on export of diesel has also been reduced to Rs 5.5 per litre from Rs 6 per litre, while SAED on export of petrol will continue to be zero.

These changes will come into effect from September 16 onwards. These taxes are reviewed on a fortnightly basis.

Earlier, in the previous fortnightly review on September 2, the government had cut the windfall tax on crude petroleum to Rs 6,700 per tonne from Rs 7,100 per tonne.

Windfall tax was first levied in July last year on oil producers in India.

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