Government Increases Windfall Tax on Crude Petroleum
In a recent move, the Indian government has announced significant changes to its tax policies related to the petroleum industry. These changes include an increase in the special additional excise duty (SAED) on domestically produced crude petroleum, as well as reductions in levies on diesel and Aviation Turbine Fuel (ATF). Here are the key details:
Effective from September 30, 2023, the government has raised the windfall tax on domestically produced crude oil to Rs 12,100 per tonne. This marks an increase from the previous rate of Rs 10,000 per tonne, which was set during the last fortnightly review on September 15, 2023. The windfall tax is intended to capture excessive profits in the crude petroleum sector.
As part of these changes, the government has decided to reduce the SAED on the export of diesel. The duty on diesel will be lowered to Rs 5 per litre, down from the previous rate of Rs 5.50 per litre. This adjustment aims to make diesel more affordable for consumers and businesses.
In a move that will benefit the aviation industry, the SAED on Aviation Turbine Fuel (ATF) is set to decrease. Effective from the upcoming Saturday, the duty on ATF will be reduced to Rs 2.5 per litre, down from the previous rate of Rs 3.5 per litre. This reduction is expected to lower operational costs for airlines.
It’s important to note that the SAED on petrol will remain unchanged, with no additional duty imposed on petrol.
Find More News on Economy Here
The Unique Identification Authority of India has introduced a digital service that makes it easy…
In Munger, Bihar A banyan tree has been scientifically confirmed as the oldest accurately dated…
The National Commission for Women (NCW) has introduced the 24×7 Women Helpline that is 14490,…
India and Mali have launched the India-Mali Forum for the Promotion of Exports in Bamako.…
ACME Group has signed a binding agreement worth nearly $1 billion with the Japan's Mitsubishi…
State of Himachal Pradesh has achieved milestone to preserve its cultural and agricultural heritage after…