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The government increased windfall tax on crude produced domestically to ₹6,800 per tonne from ₹4,900 per tonne with effect from April 4. The tax is referred to as Special Additional Excise Duty (SAED).
Diesel, petrol and aviation turbine fuel (ATF) will all continue to have zero export duties.
The government increased the windfall tax on petroleum oil earlier on March 15 from ₹4,600 per tonne to ₹4,900 per tonne.
India extended the tax on petrol, diesel, and aviation fuel exports and levied a windfall tax on crude oil producers starting in July 2022. This was due to private refiners' preference to sell fuel abroad rather than locally to benefit from strong refining margins.
The tax is revised fortnightly by the government.
Also Read : GST revenue collection hits record high of ₹2.10 lakh cr in April ₹1,68,337 cr gross GST revenue collected during Feb'24; records YoY growth of 12.5%
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