EconomyIndia: The government has reduced the windfall tax on the export of domestically produced crude oil by lowering the Special Additional Excise Duty (SAED) from ₹2,100 to ₹1,850 per metric ton. This change is effective from August 31, following the government’s regular review process of windfall taxes, which is conducted every 15 days.
Earlier, on August 16, the windfall tax was reduced from ₹4,600 per metric ton by 54.34% to ₹2,100 per metric ton. This marks a total reduction of 59.78% in the windfall tax within the month of August.
Meanwhile, the government has decided to continue the exemption on export duties for diesel, petrol, and aviation turbine fuel (ATF). This decision will benefit domestic refiners, allowing them to continue exporting refined products like diesel, petrol, and ATF to international markets without additional duties.
