India Cuts Windfall Tax on Crude Oil to Nil

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The Indian government has eliminated the Windfall Tax on domestically produced Crude Oil, setting it to 'nil' per tonne from September 18. This tax, part of the Special Additional Excise Duty (SAED), had previously been Rs 1,850 per tonne as of August 31. The SAED on diesel, petrol, and jet fuel exports remains unchanged at 'nil'. Windfall taxes were first introduced on July 1, 2022.

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