India cuts oil windfall tax again, now down to Rs 5,700 per tonne

The central government has implemented a reduction in the windfall tax imposed on crude petroleum, as per a recent government notification.

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Effective immediately, the special additional excise duty (SAED) on crude petroleum has been decreased from Rs 8,400 per tonne to Rs 5,700 per tonne.

This adjustment in taxation, which is subject to revision every fortnight, maintains the special additional excise duty (SAED) at zero for diesel and aviation turbine fuel, keeping it unchanged.

The government’s decision to lower the windfall tax on petroleum crude follows a series of adjustments in recent weeks. On May 1, the windfall tax on petroleum crude was set at Rs 8,400 per ton, down from its previous level of Rs 9,600 per ton. However, just earlier on April 16, the government had raised the windfall tax on petroleum crude to Rs 9,600 per ton from Rs 6,800.