The Union government Thursday cut the windfall tax on domestically produced crude oil to Rs Rs 4,350 per tonne from Rs 5,050 per tonne, the Ministry of Finance notified in an official order. The government also slashed tax on the export of diesel to Rs 2.50 per litre from Rs 7.50 per litre, and excise duty on ATF to Rs 1.50 per litre from Rs 6 per litre.
The Centre has cut windfall tax on domestically produced crude oil, diesel and ATF in line with rising international oil prices.
The new rates come into effect from February 16, 2023, the Ministry of Finance stated. Petrol continues to have zero windfall tax.
