2023-08-14 17:19:52
Along with crude petroleum, Special Additional Excise Duty (SAED) on diesel will also see a rise. It will be hiked to Rs 5.50 per litre from Re 1 per litre at present, said the notification.
The notification further stated that 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.
SAED on petrol will remain zero, just like the last time windfall tax was hiked.
Earlier this month, government had hiked windfall tax on crude petroleum to Rs 4,250 per tonne from Rs 1,600 with effect from August 1. The recent rise will come into effect from August 15.
India first imposed windfall profit taxes on July 1, 2022. It imposed tax on crude oil producers and extended the levy on exports of gasoline, diesel and ATF, joining a growing number of nations that tax super normal profits of energy companies. While duties were slapped on the export of petrol, diesel and jet fuel (ATF), a Special Additional Excise Duty (SAED) was levied on locally produced crude oil.The government reviews the windfall tax fortnightly, and the last revision was effective on Aug 1.
(With agency inputs)
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