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Scrap of windfall tax 2024
September 23 , 2024
62 days
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- The government scrapped the windfall tax on domestically produced crude oil.
- The tax, imposed as a Special Additional Excise Duty (SAED), was reduced from Rs. 1850 per tonne to nil.
- This is the second time since the tax was introduced in July 2022 that it has been reduced to nil.
- The last time the SAED was reduced to zero was on April 4, 2023.
- Windfall tax is levied by governments when an industry unexpectedly earns large profits, mainly due to an unprecedented event.
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