ONGC, Oil India, IOC shares rise up to 2% as govt scraps windfall tax on domestic crude
The central government on Tuesday cut the windfall tax on domestically produced crude oil to ‘nil’ per tonne with effect from September 18.
The central government on Tuesday cut the windfall tax on domestically produced crude oil to ‘nil’ per tonne with effect from September 18.
Tax remains nil for diesel and aviation turbine fuel
Notably, diesel and aviation turbine fuel will remain unaffected and maintain a zero windfall tax rate
The Special Additional Excise Duty (SAED) on domestically produced crude oil was raised to ₹9,800 per tonne from ₹9,050 per tonne, effective from November 1.
The government has also cut the special additional excise duty (SAED) on the exports of diesel to ₹1 per litre from ₹2 per litre earlier.
The government has also hiked the windfall tax on diesel to ₹1 per litre from nil.
Levy on petrol, diesel, and aviation turbine fuel has been kept unchanged at zero
With this the government, however, has left the windfall tax on petrol, diesel and aviation turbine fuel (ATF) or jet fuel unchanged.
The windfall tax on petrol and aviation turbine fuel (ATF) has, however, remained unchanged. The new rates are applicable with effect from April 19, 2023.
The government has hiked the export duty on diesel to ₹0.50 per litre from ₹1 per litre.