<p>New Delhi: The government has slashed windfall tax on domestically produced crude oil to Rs 5,700 per tonne, from Rs 8,400 per tonne, with effect from Thursday.</p>.<p>The tax is levied in the form of Special Additional Excise Duty (SAED).</p>.<p>The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at 'nil'.</p>.India's exports marginally up at $34.99 billion in April.<p>The new rates are effective from May 16, an official notification said.</p> <p>India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies.</p>.<p>The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks. </p>
<p>New Delhi: The government has slashed windfall tax on domestically produced crude oil to Rs 5,700 per tonne, from Rs 8,400 per tonne, with effect from Thursday.</p>.<p>The tax is levied in the form of Special Additional Excise Duty (SAED).</p>.<p>The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at 'nil'.</p>.India's exports marginally up at $34.99 billion in April.<p>The new rates are effective from May 16, an official notification said.</p> <p>India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies.</p>.<p>The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks. </p>