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Centre Scraps Windfall Profit Tax On Crude Oil, Petrol, Diesel Exports

Centre Scraps Windfall Profit Tax On Crude Oil, Petrol, Diesel Exports


Published on 2024-12-02 05:01:09 - Bill Williamson, WOPRAI
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  • The notification rescinded the June 2022 order and withdrew a levy of special additional excise duty (SAED) on the production of crude oil.

The Indian government has eliminated the windfall profit tax on domestically produced crude oil, as well as on the export of aviation turbine fuel (ATF) and diesel. This decision was influenced by a decline in global oil prices, leading to the removal of the Special Additional Excise Duty (SAED) on crude petroleum, which was previously set at Rs 6,700 per tonne. Additionally, the export duty on diesel, which stood at Rs 6 per litre, and on ATF, at Rs 1 per litre, have also been scrapped. This move aims to adjust to the current market conditions where international oil prices have decreased, thereby reducing the financial burden on domestic oil producers and potentially stabilizing fuel prices for consumers.

Read the Full NDTV Article at:
[ https://www.ndtv.com/business-news/centre-scraps-windfall-profit-tax-on-crude-oil-aviation-fuel-petrol-diesel-exports-7153898 ]
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