The SAED on export of diesel, however, has been cut to nil from Rs 1.50 a litre, according to an official notification. On petrol and jet fuel or ATF, the levy has been retained at nil.
The government has hiked windfall tax on domestically produced crude oil to Rs 4,600 per tonne from Rs 3,300 per tonne with effect from Friday. The tax is levied in the form of Special Additional Excise Duty (SAED).
The SAED on export of diesel, however, has been cut to nil from Rs 1.50 a litre, according to an official notification. On petrol and jet fuel or ATF, the levy has been retained at nil.
You have exhausted your
monthly limit of free stories.
Read more stories for free
with an Express account.
Now subscribe at a special discount of 15% Use Code: ELECTION15
This premium article is free for now.
Register to read more free stories and access offers from partners.
Now subscribe at a special discount of 15% Use Code: ELECTION15
This content is exclusive for our subscribers.
Subscribe now to get unlimited access to The Indian Express exclusive and premium stories.
The new rates are effective from March 1.
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.
First uploaded on: 01-03-2024 at 11:55 IST