Govt Hikes Windfall Tax On Crude Petroleum, Diesel Exports; Details Here

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Special additional excise duty or duty on export of diesel will be hiked to Rs 5.50 per litre from Re 1 per litre at present

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The government has increased special additional excise duty on crude petroleum to Rs 7,100 per tonne with effect from August 15. In the previous fortnightly review, the windfall tax on domestically produced crude oil was set at Rs 4,250 per tonne.

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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.

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SAED on petrol will continue to be zero. India first imposed windfall profit taxes on July 1, 2022.