The Indian Government Readjusted the Windfall Tax on Petroleum Crude from Rs. 9600 to Rs. 8400
The Indian central government has made a significant adjustment to the windfall tax on crude petroleum by reducing the special additional excise duty (SAED) from Rs 9,600 per tonne to Rs 8,400 per tonne. This reduction comes shortly after the tax was increased from Rs 6,800 to Rs 9,600 per tonne on April 16. The revised tax rate will be effective immediately.
It's important to note that despite the reduction in windfall tax on crude, the government hasn’t changed the tax rates on other petroleum products like diesel, petrol, and aviation turbine fuel. This decision might be aimed at stabilizing or reducing the retail prices of these fuels.
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In addition to the tax adjustments, there has also been a price reduction in the commercial LPG sector. Oil marketing companies have announced a decrease of Rs 19 per unit in the price of commercial LPG cylinders. As a result, the new retail price for a 19 kg commercial LPG cylinder in Delhi is set at Rs 1745.50, down from Rs 1764.50 in the previous month.
The pricing of LPG cylinders is reviewed monthly, with potential adjustments reflecting international price trends, tax policy changes, and the balance between supply and demand.
