India removes windfall profit tax on domestically-produced crude oil and fuel exports

The Centre has removed the windfall profit tax on domestically-produced crude oil and fuel exports, according to media reports. Minister of State for finance Pankaj Chaudhary reportedly tabled a notification in the Rajya Sabha about the decision of removing tax on crude oil. The notification cancelled the June 30, 2022 order and removed the special additional excise duty (SAED) on crude oil production and fuel exports, including aviation turbine fuel (ATF), diesel and petrol. The government also withdrew the road and infrastructure cess (RIC) previously imposed on petrol and diesel exports.

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