Windfall tax on domestically produced crude oil hiked to Rs 6,000/tonne

The new rates are effective from July 2, an official notification said.

Image used for representational purposes only. Photo | ANI

NEW DELHI: The government has hiked the windfall tax on domestically produced crude oil to Rs 6,000 per tonne, from Rs 3,250 per tonne with effect from Tuesday.

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'.

The new rates are effective from July 2, an official notification said.

India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax the supernormal profits of energy companies.

The tax rates are reviewed every fortnight based on the average oil prices of the previous two weeks.