Windfall tax on crude petroleum slashed to zero

New Delhi, Sept 18: The government has slashed windfall tax on domestically produced crude oil to ‘nil’ per tonne with effect from September 18.

The tax is levied in the form of Special Additional Excise Duty (SAED) and is notified fortnightly based on average oil prices in two weeks.

The last such revision took place effective August 31 when the windfall tax on crude petroleum was set at Rs 1,850 per tonne.

The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at ‘nil’. The new rates are effective from September 18, an official notification said on Tuesday.

India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies. (PTI)

Hot this week

Meghalaya man missing in Bangkok

Shillong, Jan 10: A 57-year-old Meghalaya resident, Mr. Treactchell...

Pay hike of Assam ministers, MLAs likely as 3-member panel submits report

Full report likely by Oct 30 Guwahati Sept 25: There...

ANSAM rejects Kuki’s separate administration demand, says bifurcation not acceptable

Guwahati, Sept 8: Rejecting the separate administration demand of...

Meghalaya Biological Park Inaugurated After 25 Years: A New Chapter in Conservation and Education

Shillong, Nov 28: Though it took nearly 25 years...

Meghalaya’s historic fiber paves the way for eco-friendly products and sustainable livelihoods

By Roopak Goswami Shillong, Oct 25: From making earbuds to...
spot_img

Related Articles

Popular Categories

spot_imgspot_img