NEW DELHI: The Centre has slashed windfall gains tax on domestic crude by 65%, while the export levy on diesel was cut by 37% and on jet fuel by 70% as benchmark oil prices have dived 40% from a peak of $129 per barrel in March.
The windfall gains tax on domestic crude was reduced to Rs 1,700 per tonne from Rs 4,900 per tonne. The special additional excise duty (SAED) on diesel exports was reduced to Rs 5 per litre from Rs 8, while the levy on outbound shipments of jet fuel was brought down to Rs 1.5 per litre from Rs 5 per litre, the finance ministry said late on Thursday.
This is the second cut in the windfall tax within a fortnight and will come as a relief for producers such as ONGC and OIL amid falling crude prices.
