India reduces windfall tax on domestic crude oil from Rs 8,400 to Rs 5,700 per tonne, effective May 16.
India has lowered the windfall tax on domestically produced crude oil from Rs 8,400 per tonne to Rs 5,700 per tonne, effective May 16. The tax, levied as Special Additional Excise Duty (SAED), was first introduced in July 2022 to tax the supernormal profits of energy companies and has since been revised every two weeks based on average oil prices. The SAED on the export of diesel, petrol, and jet fuel (ATF) remains at nil.
May 15, 2024
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