The government on Friday cut special additional excise duty (SAED) on crude petroleum to Rs 6,700 per tonne with effect from September 2.

       In the last fortnightly review on August 14, windfall tax on domestically produced crude oil was set at Rs 7,100 per tonne.

       Besides, SAED or duty on export of diesel will increase to Rs 6 per litre from Rs 5.50 per litre, currently. The duty on jet fuel or ATF will be doubled to Rs 4 per litre effective Saturday, from Rs 2 per litre currently, according to a finance ministry notification.

       It said SAED on petrol will continue at nil. India first imposed windfall profit taxes on July 1, 2022.

       Also Read

       Govt hikes windfall tax on domestic crude, diesel export, ATF from Aug 15

       Windfall tax on crude oil slashed to Rs 3,500/tonne, duty on diesel hiked

       India cuts windfall tax on petroleum crude from Rs 4,100 per tonne to zero

       Windfall tax on domestic crude oil cut to nil, on export of diesel halved

       Centre cuts all windfall tax on domestically produced crude oil from today

       MGNREGS work demand increases 20% on low August rains, shows data

       Ahead of festival season, 54% consumers say they prefer hybrid shopping

       India's rice planting grows on higher prices, cotton sowing lags

       Inflation to start moderating from Sept onwards, says RBI Guv Das

       CBDT signs 95 APAs in 2022-23, highest ever since launch in 2012

       (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)