The federal government has minimize windfall tax on domestically-produced crude oil to ₹1,850 per tonne, from ₹2,100 per tonne with impact from Saturday.
The tax is levied within the type of Particular Further Excise Responsibility (SAED). The SAED on the export of diesel, petrol and jet gas or ATF, has been retained at ‘nil’.
The brand new charges are efficient from August 31, 2024, an official notification issued late Friday mentioned.
India first imposed windfall revenue taxes on July 1, 2022, becoming a member of a number of countries that tax supernormal income of vitality corporations. The tax charges are reviewed each fortnight based mostly on common oil costs within the earlier two weeks.
- Additionally learn: Authorities reduces windfall tax on crude oil to ₹5,700 per tonne
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