Centre to increase windfall taxes on crude petroleum and diesel
On July 1, 2022, India introduced windfall profit taxes, joining a number of other countries that put taxes on energy firms supernormal earnings.
The government announced a hike in the windfall tax on crude petroleum and diesel on Thursday, February 15. According to the announcement, the tax is levied in the form of the Special Additional Excise Duty (SAED).
According to it, the windfall tax on crude oil produced domestically has been increased from Rs 3,200 per tonne to Rs 3,300 per tonne. Furthermore, the SAED for the export of diesel has increased from zero to Rs 1.50 per litre.
However, there will not be any hike in petrol, jet fuel, or ATF, and SAED will continue to be nil. The revised prices go into effect on February 16. On July 1, 2022, India introduced windfall profit taxes, joining a number of other countries that put taxes on energy firms' supernormal earnings.
Every two weeks, the average oil price over the preceding two weeks is used to re-evaluate the tax rates.
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