Published By: Mohammad Haris
Last Updated: February 16, 2024, 09:24 IST
Windfall tax. (File Photo: Reuters)
Special Additional Excise Duty on the export of diesel too has been hiked to Rs 1.50 a litre from nil earlier. On petrol and jet gasoline or ATF, the levy will likely be retained at nil
The authorities on Thursday hiked windfall tax on domestically produced crude oil to Rs 3,300 per tonne from Rs 3,200 per tonne with impact from Friday. The tax is levied within the type of a Special Additional Excise Duty (SAED).
According to an official notification, SAED on the export of diesel too has been hiked to Rs 1.50 a litre from nil earlier. On petrol and jet gasoline or ATF, the levy will likely be retained at nil.
The new charges are efficient from February 16. India first imposed windfall revenue taxes on July 1, 2022, becoming a member of a bunch of countries that tax supernormal earnings of vitality corporations.
The tax charges are reviewed each fortnight based mostly on common oil costs within the earlier two weeks.
