Centre slashes Windfall tax to Rs 1,300/ tonne

The government has slashed windfall tax On domestically produced crude oil to Rs 1,300 per tonne from Rs 5,000 per tonne on softening of crude oil prices in the international market.

The centre has also reduced export duty on diesel to Rs 0.50 per litre from one per litre while it increased export duty on Aviation Turbine Fuel (ATF) to Rs one per liter from earlier nil duty.

Export duty on petrol will continue to be nil.
The new rates will be effective Tuesday, the central board of indirect taxes and customs (CBIC) said in a notification.