The central government late on Monday slashed the windfall tax on domestic crude oil to Rs 3,500 per tonne from Rs 4,400 per tonne. Meanwhile, the government increased the export duty on diesel to Re 1 per litre from Rs 0.50. The revised rates come into effect from March 21, Tuesday.
The Centre has scrapped export duty on petrol and diesel. The government revised the windfall tax for the second time in March. Earlier the government on March 4 slashed the export duty on diesel to Rs 0.50 per litre, and that of locally produced crude oil to Rs 4,000 per tonne.
