Central Government Increases Windfall Tax On Domestic Crude Oil From Today

Central Government Increases Windfall Tax On Domestic Crude Oil From Today

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Central Government increases windfall tax on domestic crude oil with effect from today, as reported by ANI. Special Additional Excise Duty (SAED) on crude petroleum increased from Rs 1600/tonne to Rs 4250/tonne. SAED on Diesel will increase from Nil/litre to Rs 1/litre, the news agency reported.

Earlier in May, the government had cut windfall gains tax on domestically-produced crude oil to nil while continuing the rate at zero on the export of diesel and Aviation Turbine Fuel (ATF). According to an official order dated May 15, the government had slashed the special additional excise duty (SAED) on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) to nil from ₹4,100 per tonne with effect from May 16, 2023, PTI reported.

The tax was cut to nil in early April but was brought back in the second half of that month with a ₹6,400 per tonne levy.

 

 

 



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