New Delhi : The government of India on Friday significantly reduced the windfall tax or Special Additional Excise Duty (SAED) on crude oil to Rs 1,700 from Rs 4,900 per tonne earlier. The changes will be applicable from Friday, December 16, 2023. The decision was taken in a review meeting held on Thursday.
On December 1, the special excise duty was cut to Rs 4,900 per tonne from Rs 10,200 per tonne. On the same day, the SAED on diesel exports was reduced to Rs 6.5 per litre. The windfall tax is revised every fortnight.