Windfall Tax Crude: The special additional excise duty rates are reviewed every fortnight based on average oil prices in the previous two weeks. In the previous revision on October 18, the government had cut the windfall tax on petroleum crude to INR 9,050 per tonne from INR 12,100 per tonne.
Starting November 1, the Indian government has raised the windfall tax on domestically produced petroleum crude to Rs 9,800 per tonne, up from Rs 9,050 per tonne, according to an official announcement. Meanwhile, the windfall tax on aviation turbine fuel has been abolished, down from Re 1 per litre. Additionally, the government has reduced the windfall tax on diesel to Rs 2 per litre, previously set at Rs 4 per litre.
The Finance Ministry of India has reduced the special additional excise duty (SAED) on crude petroleum to Rs 9,050/tonne, effective October 18. The windfall tax on domestically produced crude oil was previously fixed at Rs 12,100 per tonne. Additionally, the duty on diesel exports will be reduced from Rs 5 per litre to Rs 4 per litre, while the tariff on jet fuel will be lowered from Rs 2.5/litre to Rs 1/litre.