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Updated January 16th, 2024 at 11:09 IST

Government reduces windfall tax on domestic crude oil

The decision to revise the tax rates, effective from January 16, comes as part of the government's regular review process, conducted every fortnight.

Reported by: Business Desk
Crude Oil
Crude Oil | Image:Freepik
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Crude tax cut: The government has decided to reduce the windfall tax on domestically-produced crude oil, lowering it from Rs 2,300 per tonne to Rs 1,700 per tonne. The change, implemented from Tuesday, impacts the Special Additional Excise Duty (SAED) levied on crude oil. The SAED on the export of diesel, petrol, and jet fuel (ATF) remains unchanged at nil.

The decision to revise the tax rates, effective from January 16, comes as part of the government's regular review process, conducted every fortnight. The windfall profit taxes were initially introduced on July 1, 2022, aligning India with other nations aiming to tax supernormal profits generated by energy companies.

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The adjustment in tax rates reflects the government's responsiveness to fluctuations in average oil prices over the preceding two weeks, demonstrating a dynamic approach to fiscal measures in the energy sector.
 

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Published January 16th, 2024 at 10:24 IST

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