India hikes windfall tax on crude petroleum to Rs 7,100 per tonne

• Posted in OilGas
• on August 16, 2023
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The Indian government on Monday increased the windfall tax on crude petroleum to Rs 7,100 per tonne from Rs 4,250 per tonne with effect from August 15, according to the notification of Finance Ministry

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.

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