New Delhi: The Union government has reduced the windfall profit tax on crude oil produced in the country. The special additional excise duty (SAED) imposed on domestically produced crude oil was reduced to Rs 6,700 per tonne from Rs 7,100 a tonne.
The government hiked the special additional excise duty on exports of diesel and ATF. The SAED on the export of diesel was increased to Rs 6 per litre from Rs 5.50 a litre and on jet fuelto Rs 4 per litre from Rs 2. The SAED on export of petrol will continue to be zero.
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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.
Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel, and aviation turbine fuel (ATF).
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