Centre cuts windfall tax on petroleum crude to zero

The government also informed that there is no change in the excise duty on diesel, petrol and aviation turbine fuel (ATF).

The zero windfall tax on petroleum crude will come into effect from May 16. Photo: PTI

The central government today (May 15) announced that it had cut the windfall gain tax on the export of petroleum crude to zero. The government also informed that there is no change in the excise duty on diesel, petrol and aviation turbine fuel (ATF).

The zero windfall tax on petroleum crude will come into effect from May 16.

The current windfall duty on crude is Rs 4,100, which was Rs 6,400 prior to that.

The revision of the windfall tax rate is a routine practice, which is done every fortnight based on average oil prices in the last two weeks.

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Windfall Tax