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In January 2024, Government slashes windfall tax on crude petroleum. What taxes are included in windfall tax on crude petroleum?

1. Special Additional Excise Duty
2. Income Tax
3. Corporate Tax
4. Sales Tax

Correct answer: Special Additional Excise Duty

Solution

India's windfall tax on crude petroleum is imposed as Special Additional Excise Duty (SAED). It was introduced in July 2022 to tax windfall profits of oil companies when global crude prices were high. Income tax, corporate tax, and sales tax are different categories.

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