Government Hikes Windfall Tax On Crude Petroleum

The government has increased the windfall tax on crude petroleum.

The special additional excise duty on crude petroleum has been raised from Rs 4,900 per tonne to Rs 6,800 per tonne, according to a gazette notification issued on Wednesday.

The new tax rates will take effect on April 4, it said.

The taxes on diesel, petrol and aviation turbine fuel will continue to remain nil.

Every two weeks, we review the tax rates based on the average oil prices from the previous two weeks.

India first imposed windfall profit taxes on July 1 last year, joining a growing number of nations that tax the supernormal profits of energy companies.