Windfall tax on petrol, diesel, ATF slashed by government

Earlier on December 1, the government had reduced windfall tax on locally produced oil to Rs 4,900 per tonne.

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The Centre on Friday cut the windfall profit tax on domestically produced crude oil and also reduced the levy on diesel exports.

The revised tax rates become effective from December 16.As per government notification, tax on crude oil has been cut to Rs 1,700 per tonne from the existing Rs 4,900 per tonne.

Earlier on December 1, the government had reduced windfall tax on locally produced oil to Rs 4,900 per tonne.

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In addition, the government had also slashed export tax on diesel to Rs 6.5 per litre.Windfall tax, which is also known as special additional excise duty, was brought in by the government on July 1 this year to tax the industry on extraordinary profits, which it earned through the sale of refined crude in global markets.

The government reviews this tax every fortnight.

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