The Indian government has lowered the windfall tax on domestically-produced crude oil from Rs 5,700 to Rs 5,200 per tonne, effective from June 1. This tax, imposed as Special Additional Excise Duty (SAED), aims to curb supernormal profits of energy companies. Notably, SAED on the export of diesel, petrol, and jet fuel remains unchanged at ‘nil’. These adjustments follow a fortnightly review based on average oil prices over the preceding two weeks. India initially implemented windfall profit taxes on July 1, 2022, aligning with global practices.
India Reduces Windfall Tax on Domestic Crude Oil
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