Government hikes windfall tax on crude petroleum, cuts levy on diesel

PTI

Updated At : 04:21 PM Mar 01, 2024 IST

Unlock Exclusive Insights with The Tribune Premium

Take your experience further with Premium access. Thought-provoking Opinions, Expert Analysis, In-depth Insights and other Member Only Benefits

Yearly Premium ₹999 ₹349/Year

Yearly Premium $49 $24.99/Year

New Delhi, March 1

The government has hiked windfall tax on domestically produced crude oil to Rs 4,600 per tonne from Rs 3,300 per tonne with effect from Friday.

The tax is levied in the form of Special Additional Excise Duty (SAED).

The SAED on export of diesel, however, has been cut to nil from Rs 1.50 a litre, according to an official notification.

On petrol and jet fuel or ATF, the levy has been retained at nil.

The new rates are effective from March 1.

India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies.

The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.

The Tribune, now published from Chandigarh, started publication on February 2, 1881, in Lahore (now in Pakistan). It was started by Sardar Dyal Singh Majithia, a public-spirited philanthropist, and is run by a trust comprising five eminent persons as trustees.

The Tribune, the largest selling English daily in North India, publishes news and views without any bias or prejudice of any kind. Restraint and moderation, rather than agitational language and partisanship, are the hallmarks of the newspaper. It is an independent newspaper in the real sense of the term.

The Tribune has two sister publications, Punjabi Tribune (in Punjabi) and Dainik Tribune (in Hindi).

Remembering Sardar Dyal Singh Majithia

Designed and developed by : SORTD

Unlock Exclusive Insights with The Tribune Premium

Suggested Articles