New Delhi: The Finance Ministry of India has announced to reimpose windfall tax on petroleum crude after a gap of 2 months, said a government notification.
The windfall tax will be effective from 15 July onwards.
According to the notification, the Special Additional Excise Duty (SAED) on crude petroleum is raised to Rs 1600/tonne, from nil.
Earlier in May 2023, the windfall tax on petroleum crude was cut to zero from Rs 4,100 per tonne by the government.
On 1 May, the government cut the windfall tax on petroleum crude to Rs 4,100 $50.14) per tonne from Rs 6,400 per tonne. On 19 April, the levy on crude was hiked to 6,400 rupees per tonne.
Also, on 4 April, India cut the windfall tax on petroleum crude to zero from ₹3,500 per tonne previously.
Even on 17 June, the government decided to continue with zero windfall tax, saying there is no requirement for a fresh notification as old rates of nil windfall tax continue.
In July 2022, India imposed the windfall tax on crude oil producers.
It also extended the levy on exports of gasoline, diesel, and ATF following refiners seeking to make gains from robust refining margins in overseas markets.
The latest rise in reimposition windfall tax comes on the back of rising global oil prices, which have risen to their highest in nearly three months.
As per details, the international Brent crude futures were trading above $80 per barrel.
