<p>New Delhi: The government on Monday hiked windfall tax on domestically produced crude oil to Rs 7,000 per tonne, from Rs 6,000 per tonne.</p><p>The tax is levied in the form of Special Additional Excise Duty (SAED).</p><p>The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at 'nil'.</p>.<p>The new rates are effective from July 16, an official notification said.</p><p>India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies. </p><p>The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.</p>
<p>New Delhi: The government on Monday hiked windfall tax on domestically produced crude oil to Rs 7,000 per tonne, from Rs 6,000 per tonne.</p><p>The tax is levied in the form of Special Additional Excise Duty (SAED).</p><p>The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at 'nil'.</p>.<p>The new rates are effective from July 16, an official notification said.</p><p>India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies. </p><p>The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.</p>