The new charges of windfall tax on domestically-produced crude oil are efficient from June 1. File
| Photo Credit: Reuters
The authorities has diminished windfall tax on domestically-produced crude oil to ₹5,200 per tonne from ₹5,700 with impact from June 1.
The tax is levied within the type of Special Additional Excise Duty (SAED).
SAED on the export of diesel, petrol and jet gas or ATF, has been retained at ‘nil’.
The new charges are efficient from June 1, an official notification mentioned.
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 primarily based on common oil costs within the earlier two weeks.
