
Govt slashes windfall tax on crude oil by over ₹1,300 per tonne
The Special Additional Excise Duty (SAED) on domestically produced crude oil was raised to ₹9,800 per tonne from ₹9,050 per tonne, effective from November 1.
The Special Additional Excise Duty (SAED) on domestically produced crude oil was raised to ₹9,800 per tonne from ₹9,050 per tonne, effective from November 1.
The government has also cut the special additional excise duty (SAED) on the exports of diesel to ₹1 per litre from ₹2 per litre earlier.
The government has also hiked the windfall tax on diesel to ₹1 per litre from nil.
Levy on petrol, diesel, and aviation turbine fuel has been kept unchanged at zero
With this the government, however, has left the windfall tax on petrol, diesel and aviation turbine fuel (ATF) or jet fuel unchanged.
The windfall tax on petrol and aviation turbine fuel (ATF) has, however, remained unchanged. The new rates are applicable with effect from April 19, 2023.
The government has hiked the export duty on diesel to ₹0.50 per litre from ₹1 per litre.
According to a notification by the Ministry of Petroleum and Natural Gas, the export duty on diesel has been hiked to ₹1 per litre from ₹0.50 per litre.
Following this development, shares of Oil & Natural Gas Limited (ONGC), the country’s largest oil and gas producer surged 4.08% to hit an intra-day high of ₹152 apiece on the Bombay Stock Exchange.
India's windfall tax on exports of locally-produced oil has helped reduce the state-owned refining and marketing companies' marketing losses, says Moody's.