Government slashes windfall tax on crude petroleum

Daily Current Affairs / Government slashes windfall tax on crude petroleum

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Category : Business and economics Published on: January 17 2024

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Effective January 16, the government has reduced the windfall tax on domestically-produced crude oil from ₹2,300 to ₹1,700 per tonne.
This adjustment is implemented through a Special Additional Excise Duty (SAED), reflecting a shift in the taxation policy related to the energy sector.
The official notification emphasizes the retention of a nil Special Additional Excise Duty (SAED) on the export of diesel, petrol, and jet fuel (ATF).
This strategic decision aligns with the government's approach to balance fiscal measures, maintaining a specific tax stance on the export of key petroleum products.

Government slashes windfall tax on crude petroleum