Windfall tax on crude petroleum cut to Rs 9,500 per tonne, ATF, diesel exports raised.
- A November 1 government notice reduced windfall tax or special extra excise duty (SAED) on crude petroleum exports to Rs 9,500 per tonne from Rs 11,000.
- ATF’s SAED has been raised from Rs 3.50 to Rs 5 per litre, and diesel’s from Rs 12 to Rs 13. Diesel export duty includes Rs 1.50 per litre RIC.
- On July 1, the government established windfall tax to punish the business for its huge profits from selling refined crude abroad. Its quantum is reviewed fortnightly.