2024-03-01 06:02:04
New Delhi:
The central government has increased the windfall tax on domestically produced crude oil. This tax on crude oil exports has been increased from Rs.3,300 to Rs.4,600 per tonne. This tax is levied by the name of Special Additional Excise Duty (SAED).
Meanwhile, special additional excise duty on diesel exports has been reduced from Rs 1.50 per liter to zero. Gasoline and Aviation Fuel or ATF. The tax also remains nil. This new tax has come into effect from today (March 1).
A windball tax is a tax levied on businesses that are deemed to have made large profits due to unusually favorable market conditions. To tackle the shortage of energy products in the domestic market, the central government introduced a tax on windfall profits of energy companies on July 1, 2022. That is, added special additional excise duty on petrol and diesel exports.
These tax rates are reviewed and revised every 15 days. The review is based on the average oil prices of the previous two weeks.
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