The Indian government on Thursday lowered the windfall gains tax on crude oil to Rs 5,000 per tonne from Rs 6,300 per tonne. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks, with the Centre slashing it from Rs 9,800 per tonne to Rs 6,300 per tonne two weeks ago, on November 16.
The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil was increased to Rs 9,800 per tonne from Rs 9,050 a tonne, according to an official notification on October 31 with effect from November 1. Further, the SAED on the export of diesel was reduced to Rs 2 per litre from Rs 4 a litre.
