The Indian government has reduced the windfall tax on domestic crude oil to zero tax per tonne with effect from September 18.
The tax is levied in the form of Special Additional Excise Duty (SAED) and is announced every two weeks based on the average fuel price for the previous two weeks.
The last such adjustment came into effect on August 31, when the windfall tax on crude oil was set at Rs 1,850 per tonne.
The special drawing limit for diesel, gasoline and aviation fuel (ATF) exports remains at “zero”. The new tax rates will take effect from September 18, an official notification said on Tuesday.
India imposed its first windfall profits tax on July 1, 2022, joining a long list of countries that tax excess profits of energy companies. (PTI)
The last such adjustment came into effect on August 31, when the windfall tax on crude oil was set at Rs 1,850 per tonne.
The special drawing limit for diesel, gasoline and aviation fuel (ATF) exports remains at “zero”. The new tax rates will take effect from September 18, an official notification said on Tuesday.
India imposed its first windfall profits tax on July 1, 2022, joining a long list of countries that tax excess profits of energy companies. (PTI)
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