India Withdraws Windfall Tax for Crude Oil, Other Export Taxes

India has withdrawn a tax on windfall gains on the domestic production of crude oil, and export of diesel, petrol, and aviation turbine fuel (ATF).

The so-called special additional excise duty, or SAED, had been imposed since July 1, 2022, when high oil prices led to windfall gains for oil companies, according to the government.

• A tax of 23,250 rupees ($275), per tonne had been imposed on crude oil, with an exception for small producers. A tax was also imposed on the export of diesel, petrol and ATF when it was more lucrative for oil companies to export these products, ...