India reimposes windfall tax on petroleum crude after two months

The Indian government has reimposed a windfall tax on domestic petroleum crude, effective July 15, according to a government notification. The Special Additional Excise Duty (SAED) on crude petroleum is raised to Rs 1600/per metric tonne, from nil. The changes will take place from Saturday, the country’s Ministry of Finance said in a notification, adding that the government has left the windfall tax on diesel, petrol and aviation turbine fuel unchanged at zero. India had cut the windfall tax on petroleum crude to zero from Rs 4,100 per tonne, in May.