Govt cuts windfall tax: The special additional excise duty (SAED) on crude petroleum was reduced by the government on Tuesday, and will now be set at Rs 9,050 per tonne, effective October 18th.
The windfall tax on domestically produced crude oil was established at Rs 12,100 per tonne during the most recent biweekly review, which took place on September 29.
In addition to this, the SAED, also known as the duty on export of diesel, will be decreased to Rs 4 per litre, down from Rs 5 per litre at the present time.
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From its present rate of Rs 2.5 per litre, the levy on aviation turbine fuel or ATF would be lowered to Rs 1 per litre.
There will be no change to the SAED rate for petrol.
On July 1, 2022, India initiated the first ever taxation of windfall profits.
