Govt cuts windfall tax on crude petroleum to Rs 8,400 per tonne

The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at nil. The new rates are effective from May 1, an official notification said.

Government has cut windfall tax on domestically produced crude oil to Rs 8,400 per tonne (File Image)

The government has cut windfall tax on domestically produced crude oil to Rs 8,400 per tonne from Rs 9,600 per tonne with effect from Wednesday.

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 May 1, an official notification said.

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.

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First uploaded on: 01-05-2024 at 10:51 IST

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crude oil

Bhabi Ji Ghar Par Hai actor Firoz Khan passes away

EntertainmentUpdated: May 23, 2024 19:53 IST

Television actor Firoz Khan, renowned for mimicking Amitabh Bachchan and his role on the popular TV show Bhabi Ji Ghar Pe Hai, has passed away from a heart attack. Reports indicate that the actor suffered a fatal heart attack in the village of Badaun, Uttar Pradesh, on Thursday morning.

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