Windfall tax on crude petroleum slashed to ₹3,250/tonne

The new rates are effective from June 15, an official notification said

Updated - June 15, 2024 01:14 pm IST

Published - June 15, 2024 11:39 am IST - New Delhi

The government has reduced windfall tax on domestically-produced crude oil to ₹3,250 per tonne from ₹5,200, with effect from Saturday.

The government has reduced windfall tax on domestically-produced crude oil to ₹3,250 per tonne from ₹5,200, with effect from Saturday. | Photo Credit: Reuters

The government has reduced windfall tax on domestically-produced crude oil to ₹3,250 per tonne from ₹5,200, with effect from Saturday.

The tax is levied in the form of Special Additional Excise Duty (SAED). SAED on export of diesel, petrol and jet fuel or ATF, has been retained at 'nil'.

Explained | What is windfall tax and why are countries imposing it on the energy sector right now?

The new rates are effective from June 15, an official notification said.

India first imposed windfall profit taxes on July 1, 2022, joining a host 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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