The windfall tax charges are reviewed each fortnight primarily based on common oil costs within the earlier two weeks.
The Special Additional Excise Duty on export of diesel has been reduce to nil from Rs 1.50 a litre; on petrol and jet gasoline or ATF, the levy has been retained at nil
The authorities has hiked windfall tax on domestically produced crude oil to Rs 4,600 per tonne from Rs 3,300 per tonne with impact from Friday. The tax is levied within the type of Special Additional Excise Duty (SAED).
The SAED on export of diesel, nevertheless, has been reduce to nil from Rs 1.50 a litre, based on an official notification. On petrol and jet gasoline or ATF, the levy has been retained at nil.
The new charges are efficient from March 1. India first imposed windfall revenue taxes on July 1, 2022, becoming a member of a number of countries that tax supernormal earnings of power firms.
The tax charges are reviewed each fortnight primarily based on common oil costs within the earlier two weeks.
