Effective today, December 19, the SAED on domestically produced crude oil is cut from ₹5,000 per tonne to ₹1,300 per tonne. Periodic UpdatesThe windfall tax undergoes fortnightly revisions, contingent upon the fluctuations in international crude and product prices. Earlier on December 1, the government announced a decrease in the windfall tax on crude petroleum from ₹6,300/tonne to ₹5,000/tonne. Further, during the previous review on November 16, the government slashed the windfall tax on crude petroleum by ₹3,500 from ₹9,800 per tonne to ₹6,300 per tonne. Before this, on November 1, the government raised the tax on crude oil from ₹9,050 per tonne to ₹9,800 per tonne.

Source: Mint December 19, 2023 16:24 UTC