Government hikes Windfall Tax on Crude Petroleum, reduces levy on Diesel:

Government hikes Windfall Tax on Crude Petroleum, reduces levy on Diesel The SAED on diesel exports, however, has been reduced to zero from Rs.1.50 per litre, according to an official announcement. The charge on gasoline and jet fuel, sometimes known as ATF, has remained zero. The government has increased the windfall tax on domestically produced crude oil to Rs.4,600 per tonne from Rs.3,300 per tonne, effective Friday. The tax is imposed in the form of Special Additional Excise Duty. The SAED on diesel exports, however, has been reduced to zero from Rs 1.50 per litre, according to an official announcement. The charge on petrol and jet fuel, sometimes known as ATF, has remained zero. The revised rates are effective March 1. India introduced windfall profit taxes for the first time on July 1, 2022, joining a number of other countries that tax energy businesses' above-average profits. Every two weeks, the tax rates are reassessed in light of the average oil prices from the previous two weeks.