India

India

Adopts windfall profit tax on oil producers and refiners

01 Jul 2022

On 1 July 2022, the Government of India adopted a windfall tax on the country's oil producers and oil refiners who are exporting more due to the high international price of crude oil and refined products. The windfall tax, in the form of a special additional excise duty (SAED) on oil producers was set at 23,250 rupees (about $ 283) per tonne of crude oil. The new export duties were set at 6 rupees per litre for both gasoline and jet fuel, and at 13 rupees per litre for gasoil. The Government also set new rules requiring oil companies exporting gasoline to sell to the domestic market the equivalent of 50% of the amount sold to overseas customers for the fiscal year ending in March 31, 2023

Nature of measure:
  • Treatment and operation
Type:
  • Treatment and operation (Other)
Industry:
  • Manufacturing (Manufacture of coke and refined petroleum products)
Inward FDI:
No
Outward FDI:
No
Sources: