Government Slashes Windfall Tax on Domestic Crude Oil

The government has reduced the windfall tax on domestically-produced crude oil from Rs 5,200 to Rs 3,250 per tonne starting Saturday. The Special Additional Excise Duty (SAED) on diesel, petrol, and jet fuel exports remains unchanged. The new rates, effective from June 15, follow a routine review based on average oil prices.

In a significant move, the government has slashed the windfall tax on domestically-produced crude oil to Rs 3,250 per tonne from the previous Rs 5,200, effective this Saturday.

The tax, known as Special Additional Excise Duty (SAED), remains at 'nil' for the export of diesel, petrol, and jet fuel.

This adjustment comes into effect from June 15, as per an official notification, maintaining the practice of fortnightly reviews based on the average oil prices over the previous two weeks.

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