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Indian government cuts levy on diesel export, raises windfall tax on domestic crude

After reviewing it on September 15, the Indian government raised crude petroleum’s SAED to Rs 12,100 per tonne. Diesel export duty would be cut to Rs 5 per litre and jet fuel to Rs 2.5…

On Friday (September 29), the government raised crude petroleum SAED to Rs 12,100 per tonne on Saturday (September 30).

The previous fortnightly review on September 15 (Friday) imposed windfall tax on domestic crude oil at Rs 10,000 per tonne.Rs 5 per litre would replace Rs 5.50 for fuel export duty (SAED).

On Saturday, jet fuel or ATF duty would drop from Rs 3.5 per litre to Rs 2.5.. Gasoline SAED will remain zero.

The Indian government began windfall profit taxes on July 1, 2022.

Conclusion

From September 30, India raised crude petroleum’s special additional excise duty (SAED) to Rs 12,100 per tonne. The windfall tax on domestic crude oil was Rs 10,000 per tonne.

Diesel export SAED would be decreased to Rs 5 per litre, while jet fuel duty will be reduced to Rs 2.5. The petrol SAED will remain zero. India began windfall profit taxes on July 1, 2022.

Sunil Pandey
Sunil Pandey
The business professional who loves penning down his thoughts/ insights on business, entrepreneurship, & startups. His ability to break down complex business concepts into easy & concise write-ups makes him a wonderful author. He believes that writing is a powerful tool for communication and education.

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