The government has hiked the windfall tax on domestically produced crude oil to Rs 6,000 per tonne, from Rs 3,250 per tonne, with effect from Tuesday.
The tax is levied in the form of a Special Additional Excise Duty (SAED).
The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at ‘nil’.
The new rates are effective from July 2, 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.
India started taxing crude oil production and exports of gasoline, diesel and aviation fuel to regulate private refiners that wanted to sell fuel overseas instead of locally in a bid to gain from robust refining margins.
The tax rates are reviewed every fortnight based on the average oil prices of the previous two weeks.
In the last revision, the government cut the windfall tax on petroleum crude to Rs 5,200 per metric ton from Rs 5,700, effective on June 1.
Comments
0 comment