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Government reduced windfall tax on export of domestic crude oil, diesel and ATF
Windfall Tax: The government has reduced the special additional excise duty on crude petroleum to Rs 9050 per tonne from today. In the last amendment on September 29, the windfall tax on crude oil produced in India was fixed at Rs 12100 per tonne. SAED or diesel export duty has been reduced to Rs 4 per liter from the existing Rs 5 per liter.
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“Government reduced windfall tax on export of domestic crude oil, diesel and ATF”
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18 Oct 2023
The government reduced the Special Additional Excise Duty (SAED) on crude petroleum to Rs 9,050 per tonne from October 18 i.e. today.
At the last review on September 29, the windfall tax on crude oil produced in India was set at Rs 12,100 per tonne.
SAED or duty on the export of diesel has been reduced to Rs 4 per liter from the current Rs 5 per liter.
Also, the duty on ATF (Aviation Turbine Fuel), also known as aircraft fuel, will be reduced from the current Rs 2.5 per liter to Rs 1 per liter. Whereas SAED on petrol will continue at zero. For the first time, the government imposed a windfall tax on 1 July 2022.
