The Narendra Modi government on Thursday (February 15) increased the windfall tax on domestically produced crude oil and diesel in the country.
The tax, levied in the form of special additional excise duty or SAED, on domestically produced crude oil was increased to ₹3,300 per tonne from ₹3,200 a tonne, according to an official notification.
Also, SAED on diesel will increase from nil per litre to ₹1.50 per litre. The new rates are effective from February 16, 2024. However, the SAED on petrol and ATF will continue at nil.
India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.
(Edited by : Shoma Bhattacharjee)
First Published: Feb 15, 2024 8:07 PM IST
