The government on Friday cut special additional excise duty (SAED) on crude petroleum to ₹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 ₹7,100 per tonne. Besides, SAED or duty on export of diesel will increase to ₹ six per litre from ₹5.50 per litre, currently. The duty on jet fuel or ATF will be doubled to ₹ four per litre effective Saturday, from ₹ two 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.