India reduces windfall profit tax on crude petroleum.
India reduced the windfall tax on petroleum crude from 5,200 rupees to 3,250 rupees per metric ton, effective June 15.
The Narendra Modi government revised the windfall profit tax on domestically produced crude petroleum on Friday, June 14. According to an official notification, the Special Additional Excise Duty (SAED) on crude petroleum has been reduced from ₹5,200 to ₹3,250 per tonne. The SAED on diesel, petrol, and aviation turbine fuel (ATF) will remain at zero. These new tax rates will take effect on June 15, 2024.
India initially imposed windfall profit taxes on July 1 of the previous year, joining several other nations in taxing the excessive profits of energy companies. The tax rates are reviewed every two weeks based on the average oil prices over the prior fortnight.
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