New Delhi, Jul 31 (PTI) The government on Wednesday slashed windfall tax on domestically produced crude oil to Rs 4,600 per tonne from Rs 7,000 per tonne.

The tax is levied in the form of Special Additional Excise Duty (SAED).

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The SAED on the export of diesel, petrol and jet fuel or ATF has been retained at nil.

The new rates become effective on August 1, an official notification said.

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India first imposed windfall profit taxes on July 1, 2022, and joined a host of nations that tax supernormal profits of energy companies.

The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.

(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)