The government on Monday (December 18) cut the windfall profit tax on crude oil produced in the country and on exports of diesel.
The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil has been reduced to ₹1,300 from ₹5,000 per tonne, according to an official notification.
SAED on the export of diesel has been reduced to ₹0.50 a litre from ₹1 per litre. However, the levy on export of jet fuel or ATF has been hiked to ₹ 1 per litre from nil earlier. SAED on petrol will continue to be zero. The new tax rates will come into effect from Tuesday.
India first imposed windfall profit taxes on July 1 last year, joining a growing number 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.
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