 "oil, crude, petroleum, crude oil, oil barrels")
The government on Friday raised windfall tax on petroleum crude to Rs 4,900 a tonne from Rs 4,600.
The new rates will be affective from Saturday, according to a government notification released on Friday.
On March 1, government hiked its windfall tax on petroleum crude to Rs 4,600 a metric ton from Rs 3,300 and also cut the windfall tax on diesel to zero from 1.50 per litre.
The tax is levied in the form of a Special Additional Excise Duty (SAED).
The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at nil.
On March 1, government hiked its windfall tax on petroleum crude to Rs 4,600 a metric ton from Rs 3,300 and also cut the windfall tax on diesel to zero from 1.50 per litre.
In July 2022, government imposed a windfall tax on crude oil producers amid soaring crude oil prices and extended the levy on exports of gasoline, diesel and aviation fuel as private players insisted on exporting fuel instead of selling loacally to gain more profit.
A government levies windfall tax when an industry unexpectedly earns large profits.
(With agency inputs)
(With agency inputs)
