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Friday, December 1, 2023

Government lowers windfall tax on domestic crude but increases tax on diesel and ATF exports


<p>With effect from September 2, the government reduced the special additional excise duty (SAED) or windfall tax on crude oil to Rs 6,700 per tonne. Windfall tax on domestically produced crude oil was fixed at Rs 7,100 per tonne in the most recent weekly review on August 14.<img decoding=”async” class=”alignnone wp-image-156879″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-college-president-demands-action-against-abvp-candidates-for-manhandling-guards-in-dusu-elections-download-2023-09-02t171530.951.jpg” alt=”theindiaprint.com college president demands action against abvp candidates for manhandling guards in dusu elections download 2023 09 02t171530.951″ width=”1075″ height=”602″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-college-president-demands-action-against-abvp-candidates-for-manhandling-guards-in-dusu-elections-download-2023-09-02t171530.951.jpg 300w, https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-college-president-demands-action-against-abvp-candidates-for-manhandling-guards-in-dusu-elections-download-2023-09-02t171530.951-150×84.jpg 150w” sizes=”(max-width: 1075px) 100vw, 1075px” title=”Government lowers windfall tax on domestic crude but increases tax on diesel and ATF exports 3″></p>
<p>The government increased the windfall tax on crude oil in August from Rs. 4,250 per ton to Rs. 7,100 per ton.</p>
<p>Additionally, the SAED, or tax on export of diesel, would rise from the present rate of Rs. 5.50 per litre to Rs. 6 per litre.</p>
<p>According to a statement from the finance ministry, the tax on jet fuel, also known as aviation turbine fuel, will increase from the current Rs 2 per litre to Rs 4 per litre from Saturday.</p>
<p>It said that SAED on gasoline will remain at zero. Windfall profit taxes were first enacted in India on July 1, 2022.</p>
<p>Since private refiners preferred to profit from high refining margins in foreign markets rather than domestic ones, the government expanded the charge on gasoline, diesel, and aviation fuel exports in July of last year and imposed the windfall tax on crude oil producers.</p>


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