Govt hikes windfall tax on domestic crude, diesel export, ATF from Aug 15
A duty of Rs 2 per litre will be imposed on jet fuel or ATF with effect from August 15. Currently, there is no SAED on the jet fuel
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The government on Monday hiked special additional excise duty on crude petroleum to Rs 7,100 per tonne with effect from August 15.
In the last fortnightly review, windfall tax on domestically produced crude oil was set at Rs 4,250 per tonne.
Besides, the Special Additional Excise Duty (SAED) or duty on export of diesel will be hiked to Rs 5.50 per litre from Re 1 per litre at present.
A duty of Rs 2 per litre will be imposed on jet fuel or ATF with effect from August 15. Currently, there is no SAED on the jet fuel.
SAED on petrol will continue to be zero.
India first imposed windfall profit taxes on July 1, 2022.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Aug 14 2023 | 11:08 PM IST