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 fuel or ATF, the levy will be retained at nil
Read More: Back To Work: These Tech Companies Demand Employees To Work From Office
The government on Thursday hiked windfall tax on domestically produced crude oil to Rs 3,300 per tonne from Rs 3,200 per tonne with effect from Friday. The tax is levied in the form of a Special Additional Excise Duty (SAED).
Read More: HCLTech joins peers in asking employees to work from office
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 fuel or ATF, the levy will be retained at nil.
Read More: RBI, Nepal’s Central Bank Sign Deal for UPI-NPI Integration; Check Details
The new rates are effective from February 16. India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies.
The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.
