<p>New Delhi: The government has hiked windfall tax on domestically produced crude oil to Rs 3,200 per tonne from Rs 1,700 per tonne with effect from Saturday.</p><p>The tax is levied in the form of Special Additional Excise Duty (SAED).</p><p>According to an official notification, SAED on export of diesel, petrol, and jet fuel or ATF, has been retained at nil.</p><p>The new rates are effective from February 3.</p><p>India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies.</p><p>The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.</p>
<p>New Delhi: The government has hiked windfall tax on domestically produced crude oil to Rs 3,200 per tonne from Rs 1,700 per tonne with effect from Saturday.</p><p>The tax is levied in the form of Special Additional Excise Duty (SAED).</p><p>According to an official notification, SAED on export of diesel, petrol, and jet fuel or ATF, has been retained at nil.</p><p>The new rates are effective from February 3.</p><p>India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies.</p><p>The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.</p>