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Govt raises windfall tax on petroleum crude to Rs 4,900/tonne
Photo Courtesy: Pixabay

Govt raises windfall tax on petroleum crude to Rs 4,900/tonne

| @indiablooms | 15 Mar 2024, 11:32 pm

New Delhi: The government Friday increased the windfall tax on petroleum crude exports to Rs 4,900 per tonne from its previous rate of Rs 4,600, media reports said.

The revised rates will come into effect starting Saturday, as per a government announcement on Friday.

This tax is imposed as a Special Additional Excise Duty (SAED).

The Special Additional Excise Duty (SAED) on the export of diesel, petrol, and jet fuel (ATF) remains unchanged at zero.

On March 1st, the government increased the windfall tax on petroleum crude to Rs 4,600 per metric ton from Rs 3,300, and also eliminated the windfall tax on diesel, reducing it from Rs 1.50 per liter to zero.

In July 2022, the government introduced a windfall tax on crude oil producers due to surging crude oil prices. Also, the levy on exports of gasoline, diesel, and aviation fuel was extended. These measures were necessitated as private entities were prioritizing fuel exports over local sales to maximize profits.

A government imposes a windfall tax when an industry unexpectedly generates huge profits.

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