GoI Elevates Windfall Tax on Crude Oil, Diesel and Aviation Fuel
Windfall gain tax on crude oil has been raised from Rs 1900/tonne to Rs 5050/tonne.
February 06, 2023. By News Bureau
According to the official bulletin, the revised windfall gains tax is effective from 4th February, 2023. The Ministry of Finance has altered its Special Additional Excise Duty or SAED on crude petroleum by Rs 3,150 per tonne, and diesel and air turbine fuel (ATF) by Rs 2.5 per litre each.
As per the revisions, SAED on crude petroleum will increase to Rs 5,050 per tonne, from the old Rs 1,900 per tonne; while tax on diesel will increase to Rs 7.5 per litre from Rs 5 per litre. Further, SAED on ATF will now increase to Rs 6 per litre from Rs 3.5 per litre, whereas SAED on petrol remained nil.
The government anticipates the earning Rs 25,000 crore in this fiscal year from windfall gains tax. And the levy is subject to change every fortnight and rates are moderated depending on international oil prices.
India first levied windfall gain taxes on July 1, 2022, and the number of developing nations that levy average gains of energy companies.Earlier, export duties of Rs 6 per litre each were levied on petrol and ATF, and Rs 13/litre ($26 a barrel) on diesel.
Crude oil extracted from the ground and beneath the seabed is distilled and transformed into fuel like petrol, diesel and Aviation Turbine Fuel (ATF). Indian companies have begun increasing their exports for profit after Russia’s trade was distressed internationally last year.
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