Windfall tax on crude petroleum reduced to ₹1,850 per tonne
The Hindu
Government reduces windfall tax on crude oil to ₹1,850/tonne, effective August 31, 2024, with SAED; export duty remains 'nil'.
The government has cut the windfall tax on domestically-produced crude oil to ₹1,850 per tonne, from ₹2,100 per tonne with effect from Saturday (August 31, 2024.)
The tax is levied in the form of Special Additional Excise Duty (SAED). The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at ‘nil’. “The new rates are effective from August 31, 2024,” an official notification issued late on Friday (August 30, 2024) said.
India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.
Davos prepares for the 2026 World Economic Forum with unprecedented security measures as global leaders gather amidst planned protests.
Mercedes-Benz India CEO advocates for rationalizing customs duties on luxury cars to boost demand and tax revenue in India.
IDBI Bank's Q3 net profit rises slightly to ₹1,935 crore, with total income and interest income declining.
HDFC Bank Ltd., India’s largest private sector bank, reported 11.5% growth in net profit for the quarter ended 31 December 2026 at ₹18,654 crore compared with ₹16,735.5 crore a year ago.
When Union Minister for Road Transport and Highways, Nitin Gadkari, recently spoke about the transformative potential of Vehicle-to-Vehicle (V2V), a technology for autonomous driving in India, he framed it as a critical lever for safer roads, smarter traffic management and future-ready mobility. That vision is already finding concrete expression inside Samsung Electronics-owned HARMAN Automotive’s India operations, which are emerging as a global hub for software-defined and connected vehicle technologies, says Krishna Kumar, Managing Director and Automotive Head, HARMAN India.
Instituting production-linked incentive (PLI) schemes to curtail import dependency on critical components in the longer-term, and rationalising import duties for support in the short term, forms the core of the wind energy producers’ wish list in the upcoming Union Budget.
ICICI Bank Ltd., the second largest private sector bank, for the third quarter ended 31 December 2025 reported 4% drop in net profit to ₹11,318 crore as compared to ₹ 11,792 crore in the year ago period on account of making additional standard asset provision of ₹1,283 crore during the quarter as per direction of the Reserve Bank of India (RBI).
HDFC Bank's Q3 profit rises 12% to ₹19,807 crore, driven by increased net interest and non-interest income.
RBL Bank's Q3 net profit skyrockets 555% to ₹214 crore, driven by improved asset quality and strong retail advances.
Yes Bank's Q3 net profit rises 55% to ₹952 crore, showcasing improved asset quality and growth in key financial metrics.
India's GTRI calls for a comprehensive overhaul of import tariffs and customs processes to enhance trade efficiency and boost exports.
Equity markets NSE and BSE will operate normally on Budget day, February 1, 2026, for live trading sessions.
OpenAI announced Friday it will begin testing advertisements on ChatGPT in the coming weeks