Govt cuts windfall tax on domestic crude, export of diesel, ATF

Based on the the last fortnightly review held on September 29, windfall tax on domestically produced crude oil was set at Rs 12,100/tonne

Govt has firther cut special additional excise duty (SAED) on crude petroleumTom Fournier

New Delhi: The government on Tuesday cut special additional excise duty (SAED) on crude petroleum to Rs 9,050/tonne with effect from October 18.

In the last fortnightly review on September 29, windfall tax on domestically produced crude oil was set at Rs 12,100/tonne.

Besides, the SAED or duty on export of diesel will be reduced to Rs 4/litre, from Rs 5 per litre currently.

Govt cuts windfall tax on domestic crude, hikes levy on export of diesel, ATF

The duty on jet fuel or ATF will be reduced to Rs 1/litre from Rs 2.5/litre currently.

SAED on petrol will continue at nil.

India first imposed windfall profit taxes on July 1, 2022.

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windfall tax

Domestic crude

Govt cuts windfall tax