Authorities raises windfall tax on crude oil, diesel export tax diminished – Occasions of India

The federal government has elevated the windfall tax on domestically produced crude oil to Rs 4,600 per tonne from Rs 3,300 per tonne, efficient from Friday. This tax, often known as Particular Extra Excise Responsibility (SAED), has been raised to generate extra income,
In a opposite transfer, the SAED on diesel exports has been diminished to zero from Rs 1.50 per litre, as per an official notification. Nonetheless, there is no such thing as a change within the levy on petrol and jet gasoline (ATF).
These new tax charges got here into impact on March 1st and are a part of India’s effort to tax supernormal income of vitality firms. The charges are reviewed each two weeks primarily based on the typical oil costs within the previous fortnight.