New Delhi, Oct 17 (PTI) The government on Tuesday cut special additional excise duty (SAED) on crude petroleum to Rs 9,050/tonne with effect from October 18.

In the last fortnightly review on September 29, windfall tax on domestically produced crude oil was set at Rs 12,200/tonne.

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Besides, the SAED or duty on export of diesel will be reduced to Rs 4/litre, from Rs 5 per litre currently.

The duty on jet fuel or ATF will be reduced to Rs 1/litre from Rs 2.5/litre currently.

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SAED on petrol will continue at nil.

India first imposed windfall profit taxes on July 1, 2022.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)