New Delhi: Government has been cut off windfall profits tax The tax on domestically produced crude oil has been reduced from Rs 2,100 per tonne to Rs 1,850 per tonne from Saturday. This tax is levied as Special Additional Excise Duty (SAED). SAED on export of diesel, petrol and jet fuel or ATF has been retained at 'zero'.
An official notification issued late Friday night said the new rates will be effective from August 31, 2024.
India imposed a windfall profit tax for the first time on July 1, 2022, joining a group of countries that tax extraordinary profits of energy companies. Tax rates are reviewed every fortnight based on the average oil prices over the previous two weeks.
An official notification issued late Friday night said the new rates will be effective from August 31, 2024.
India imposed a windfall profit tax for the first time on July 1, 2022, joining a group of countries that tax extraordinary profits of energy companies. Tax rates are reviewed every fortnight based on the average oil prices over the previous two weeks.