Taxon domestic crude increased
On Friday, the government implemented changes in its fiscal policies. Notably, the special additional excise duty (SAED) for crude petroleum was raised to Rs 12,100 per tonne, effective from September 30. This adjustment followed the recent fortnightly review on September 15, during which the windfall tax on domestically produced crude oil was fixed at Rs 10,000 per tonne.
In addition to these alterations, the SAED for diesel exports is slated to decrease to Rs 5 per litre, down from its current rate of Rs 5.50 per litre.
Furthermore, there will be a reduction in the duty on Aviation Turbine Fuel (ATF), commonly known as jet fuel, with the new rate set at Rs 2.5 per litre, effective from Saturday. This marks a decrease from the current rate of Rs 3.5 per litre.
It’s important to note that the SAED on petrol remains unchanged at nil.
These changes are part of India’s fiscal measures, which initially included the imposition of windfall profit taxes on July 1, 2022.
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