Govt slashes windfall tax on petroleum crude to nil effective Sep 18

The federal government on Tuesday slashed windfall tax on domestically produced crude oil to ‘nil’ per tonne with impact from September 18.

The tax is levied within the type of Particular Further Excise Obligation (SAED) and is notified fortnightly primarily based on common oil costs in two weeks.

The final such revision came about efficient August 31 when the windfall tax on crude petroleum was set at Rs 1,850 per tonne.

The SAED on the export of diesel, petrol and jet gas or ATF, has been retained at ‘nil’. The brand new charges are efficient from September 18, an official notification stated.