Representational file picture.
| Photograph Credit score: Reuters
The federal government on Tuesday (September 17, 2024) slashed windfall tax on domestically produced crude oil to ‘nil’ per tonne with impact from September 18.
The tax is levied within the type of particular further excise obligation (SAED) and is notified fortnightly primarily based on common oil costs in two weeks.
The final such revision occurred efficient August 31 when the windfall tax on crude petroleum was set at ₹1,850 per tonne.
The SAED on the export of diesel, petrol and jet gasoline or ATF, has been retained at ‘nil’. The brand new charges are efficient from September 18, an official notification stated.
India first imposed windfall revenue taxes on July 1, 2022, becoming a member of a bunch of countries that tax supernormal income of power corporations.
Printed – September 18, 2024 03:17 am IST
