Imposed in July 2022, the windfall tax is a special levy on domestic crude oil production, introduced after rising global crude prices, to capture revenue from windfall gains made by producers

Imposed in July 2022, the windfall tax—formally known as Special Additional Excise Duty (SAED)—was introduced during a surge in global crude oil prices triggered by the Russia-Ukraine conflict.

Indian government withdraws windfall gain tax on domestically produced crude and export-bound petrol, diesel, and jet fuel.

Finance ministry on Monday announced the scrapping of the windfall tax or special additional excise duty (SAED) on aviation turbine fuel (ATF), crude oil products, petrol and diesel. The windfall tax,

On Monday, the revenue department rescinded the June 30, 2022 notification that levied windfall tax due to decline in global oil prices

Falling global crude oil prices, and the subsequent shrinking of profits of domestic oil producers, has led to the tax being withdrawn, petroleum ministry officials said. “The ministry had backed the review of the windfall tax to provide relief to state-owned upstream oil companies,

The government has officially removed the windfall tax on crude oil, aviation turbine fuel (ATF), petrol, and diesel exports. This decision, which takes effect immediately, follows nearly two months of discussions.

First imposed in July 2022, the windfall tax—formally known as Special Additional Excise Duty (SAED)—was introduced to capitalise on extraordinary profits earned by oil producers and exporters amid surging global crude prices driven by the Russia-Ukraine conflict.

The windfall tax was introduced in July 2022 when the Russia-Ukraine war and Western sanctions lead to surging crude oil prices, hugely profiting oil companies

The notification rescinded the June 2022 order and withdrew a levy of special additional excise duty (SAED) on the production of crude oil.