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

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Govt cuts windfall tax on domestic crude, hikes levy on export of diesel, ATFIn the last fortnightly review on August 14, windfall tax on domestically produced crude oil was set at Rs 7,100 per tonne.

PTI

Last Updated 01 September 2023, 23:42 IST

Oil fields.

Credit: Reuters Photo

The government on Friday cut special additional excise duty (SAED) on crude petroleum to Rs 6,700 per tonne with effect from September 2.

In the last fortnightly review on August 14, windfall tax on domestically produced crude oil was set at Rs 7,100 per tonne.

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Besides, SAED or duty on export of diesel will increase to Rs 6 per litre from Rs 5.50 per litre, currently. The duty on jet fuel or ATF will be doubled to Rs 4 per litre effective Saturday, from Rs 2 per litre currently, according to a finance ministry notification.

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

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(Published 01 September 2023, 23:42 IST)