NEW DELHI: The government on Thursday slashed windfall tax or the special additional excise duty (SAED) on locally produced oil and also reduced levy on diesel exports. According to the gazette notification by the finance ministry, SAED on locally produced oil was reduced to Rs 4,900 per tonne from the existing Rs 10,200 per tonne and Rs 8 per litre on the export of diesel. The changes will be effective from Friday (December 2, 2022). The special additional excise duty on petrol continues to remain nil and that on aviation fuel ATF at Rs 5 a litre.
