“25,000 crores are likely to be collected as windfall taxes,”

In response to a question in the Rajya Sabha, Minister of State for Petroleum & Natural Gas Rameswar Teli stated that the Special Additional Excise Duty (SAED) collection for FY23 is estimated at a level of ₹25,000 crores from crude oil production, export of gasoline, diesel fuel, and aviation turbine fuel (ATF).

The SAED, also known as windfall tax, was introduced on July 1, 2022, and is levied against oil businesses that experience windfall profits due to the high global crude oil prices that have been in force since February–March 2022. The Minister also disclosed that Oil & Natural Gas Corporation (ONGC) and Oil India each contributed 28,032 crores and 3,276 crores, respectively, to the standalone Profit after Tax (PAT) of the national oil companies for FY23 from all operations, including the sale of crude oil up to September 30, 2023. (OIL).

According to Teli, the SAED for domestic crude production was reduced from ₹10,200 per tonne (from November 17 to December 1, 2022) to ₹4,900 (from December 2 to December 15) 1,700 (from December 16, 2022) to January 2, 2023) to 2,100 (from January 3 to January 16, 2023) to 1,900 (from January 17 to February 3, 2023) to 5,050 (as of February 4, 2023). Those organizations whose annual crude oil production in the most recent fiscal year was less than 2 million barrels are not subject to the SAED, he continued.

Leave a Reply

Your email address will not be published. Required fields are marked *