Government Raises Windfall Tax On Crude Oil

India has increased the windfall tax on crude oil.

The special additional excise duty has been increased from Rs 1,700 per tonne to Rs 3,200 per tonne, according to a gazette notification issued on Friday.

The tax on petrol, diesel and aviation turbine fuel remains nil.

The new tax rates will take effect on Feb. 3, it said.

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.