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Government lowers fuel tax while increasing windfall tax on crude petroleum

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<p>With effect from Friday, the government increased the windfall tax on domestically produced crude oil from Rs 3,300 per tonne to Rs 4,600 per tonne.</p>
<p><img decoding=”async” class=”alignnone wp-image-463834″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-government-lowers-fuel-tax-while-increasing-windfall-tax-on-crude-petroleum-2024-3.jpg” alt=”theindiaprint.com government lowers fuel tax while increasing windfall tax on crude petroleum 2024 3″ width=”1077″ height=”715″ title=”Government lowers fuel tax while increasing windfall tax on crude petroleum 12″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-government-lowers-fuel-tax-while-increasing-windfall-tax-on-crude-petroleum-2024-3.jpg 660w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-government-lowers-fuel-tax-while-increasing-windfall-tax-on-crude-petroleum-2024-3-150×100.jpg 150w” sizes=”(max-width: 1077px) 100vw, 1077px” /></p>
<p>Special Additional Excise Duty (SAED) is the tax imposed.</p>
<p>However, an official announcement states that the SAED on diesel exports has been reduced from Rs 1.50 per liter to zero.</p>
<p>The charge on gasoline and jet fuel, or ATF, has been kept at zero.</p>
<p>The revised prices go into effect on March 1.</p>
<p>On July 1, 2022, India introduced windfall profit taxes, joining a number of other countries that put taxes on energy firms’ supernormal earnings.</p>
<p>Every two weeks, the average oil price over the preceding two weeks is used to reevaluate the tax rates.</p>


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