Windfall tax on crude petroleum hiked
image for illustrative purpose
New Delhi: The government has hiked windfall tax on domestically produced crude oil to Rs4,600 per tonne from Rs3,300 per tonne with effect from Friday.
The tax is levied in the form of Special Additional Excise Duty (SAED). The SAED on export of diesel, however, has been cut to nil from Rs1.50 a litre, according to an official notification. On petrol and jet fuel or ATF, the levy has been retained at nil.
The new rates are effective from March 1. India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.
GST revenue net of refunds as of February 2024 for the current fiscal year is Rs16.36 lakh crore which is a growth of 13.0 per cent over that for the same period last year. Central Goods and Services Tax (CGST) was Rs31,785 crore. State GST was Rs39,615 crore. Integrated GST was Rs84,098 crore, including Rs38,593 crore collected on imported goods.
