Centre cut all windfall tax on crude oil from Rs 3,500 rupees per tonne effective Tuesday. This brings down the windfall tax on domestically produced crude oil to zero in India.
Previously on March 20, the Centre had slashed the windfall tax by Rs 900 per tonne to Rs 3,500 per tonne from Rs 4,400 per tonne. However, it had hiked the export duty on diesel from Rs 0.50 per litre to Rs 1 per litre.
Before that on March 4, the Centre had slashed the windfall tax on the export of diesel to an all-time low of Rs 0.50 per litre. The levy on crude oil was hiked to Rs 4,400 per tonne from Rs 4,350 per tonne earlier.
