Govt hikes windfall tax on crude petroleum, diesel

Government has hiked the Special Additional Excise Duty (SAED) or windfall tax on crude petroleum from Rs 1,600 per tonne to Rs 4,250 per tonne.

It has also increased the windfall tax on diesel to Rs. 1 per litre from zero.

According to a gazette notification, these changes will come into effect from August 1 onwards.

The windfall tax on petrol however will continue to be at ‘nil’, the notification said.

Similarly, SAED on jet fuel or aviation turbine fuel (ATF) will also continue to be at ‘nil’. Government revises windfall tax on these commodities on a fortnightly basis.