New Delhi: The Centre on Wednesday cut windfall tax to Rs 4,600 per tonne from Rs 7,000 per tonne on domestically produced crude oil. The Centre retained the Special Additional Excise Duty (SAED) on exports of diesel, petrol and aviation turbine fuel at zero, effective August 1, according to an official notification.
WIndfall tax was first rolled out on July 1, 2022, to ensure the domestic availability of fuel in the aftermath of the breakout of the Russia-Ukraine War.
The Centre previously hiked the SAED by 16.7 per cent to Rs 7,000 per tonne on domestic crude while maintaining the duty on diesel and ATF at zero. Brent crude prices closed 2.66 per cent higher at $80.72 per barrel on Wednesday.
The Centre on Wednesday slashed the windfall tax on domestically produced crude oil to Rs 4,600 per tone from Rs 7,000 per tonne. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
