The Indian government on Monday increased the windfall tax on crude petroleum to Rs 7,100 per tonne from Rs 4,250 per tonne with effect from August 15, according to the notification of Finance Ministry. Along with crude petroleum, Special Additional Excise Duty (SAED) on diesel will also see a rise. SAED on petrol will remain zero, just like the last time windfall tax was hiked. Earlier this month, government had hiked windfall tax on crude petroleum to Rs 4,250 per tonne from Rs 1,600 with effect from August 1. The government reviews the windfall tax fortnightly, and the last revision was effective on Aug 1.

Source: Economic Times August 15, 2023 05:24 UTC