Windfall tax on crude oil raised to Rs 10,000 a tonne from Rs 6,700

Windfall tax was first levied in July last year on oil producers in India.

The Union government has increased the windfall tax on domestic production of crude oil to Rs 10,000 per tonne from Rs 6,700 per tonne.

The increase will come into effect from September 16.

The government has cut cut the special additional excise duty (SAED) on aviation turbine fuel (ATF) to 3.50 rupees per litre from 4 rupees per litre.

Earlier, in the previous fortnightly review on September 2, the government had cut the SAED on crude petroleum to Rs 6,700 per tonne from Rs 7,100 per tonne.

SAED on export of diesel has been reduced to Rs 5.5 per litre from Rs 6 per litre.

SAED on export of petrol will continue to be zero.

Windfall tax was first levied in July last year on oil producers in India.