Govt Hikes Windfall Tax on Domestic Crude, Cuts Levy on Export of Diesel, ATF
The government on Friday hiked special additional excise duty (SAED) on crude petroleum to Rs 10,000 per tonne with effect from September 16.
New Delhi, September 15: The government on Friday hiked special additional excise duty (SAED) on crude petroleum to Rs 10,000 per tonne with effect from September 16. In the last fortnightly review on September 1, windfall tax on domestically produced crude oil was set at Rs 6,700/tonne. Income Tax Returns: Income Tax Department Processed About 88% of Verified ITRs for AY 2023-24, Says CBDT.
Besides, the SAED or duty on export of diesel will be cut to Rs 5.50/litre, from Rs 6/litre currently. The duty on jet fuel or ATF will be reduced to Rs 3.5/litre effective Saturday, from Rs 4/litre currently. Recipient Approved for Income Tax Refund of Rs 15,490? PIB Fact Check Raises Scam Alert After Debunking Viral Message.
SAED on petrol will continue at nil. India first imposed windfall profit taxes on July 1, 2022.
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