Govt hikes windfall tax on crude oil to Rs 7,000 per tonne from Rs 6,000

The Indian government has raised the windfall tax on petroleum crude to 7,000 rupees per metric ton from 6,000 rupees, with effect from July 16, according to a notification issued on Monday. The tax is levied in the form of Special Additional Excise Duty (SAED). The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at 'nil'.

Earlier on July 1, the government  increased windfall tax on domestically-produced crude oil to Rs 6000.

India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.