New Delhi: The Union government hiked the windfall tax imposed on domestically produced crude oil. The windfall tax is increased from Rs 4,350 a tonne to Rs 4,400 a tone. The government also reduced the special additional excise duty (SEAD) on diesel to Rs 0.5 per litre from Rs 2.5 per litre, and on aviation turbine fuel (ATF) to nil. The latest review of SAED will be effective from March 4.
Exports of petrol continue to have zero special additional excise duty.
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India is the world’s largest consumer and importer of crude oil. The Union government in July last year imposed the windfall tax on crude oil producers and levies on exports of petrol, diesel and aviation fuel. Windfall tax is levied as a special additional excise duty which is aimed at absorbing the super-profits earned by domestic crude oil producers due to high global crude, product prices. The Union government reviews the windfall tax and associated rates in a fortnightly manner.
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