Govt cuts windfall tax on crude oil 
News Updates

Govt cuts windfall tax on crude oil

The government has cut windfall tax on domestically produced crude oil to Rs 8,400 per tonne from Rs 9,600 per tonne

PTI

New Delhi: The government has cut windfall tax on domestically produced crude oil to Rs 8,400 per tonne from Rs 9,600 per tonne with effect from Wednesday. The tax is levied in the form of Special Additional Excise Duty (SAED).

PSU Watch is now on Whatsapp Channels. Click here to join

The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at nil. The new rates are effective from May 1, 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.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

BEML expands defence manufacturing with new units at KGF complex

EASE reforms supported PSU banks in advancing 'Viksit Bharat' vision: IBA Chief Executive

Bhopal and Khajuraho airports in MP top AAI's customer satisfaction 2025 first half chart

Hindustan Zinc launches guidebook to promote workplace equity, inclusive environment

Centre committed to overhaul Jharkhand's infra, implement Rs 2 lakh crore projects: Gadkari