Government cuts windfall profit tax on crude oil produced in the country to Rs 6,700 per tonne

The government has cut the windfall profit tax on crude oil produced in the country to Rs 6,700 per tonne from Rs 7,100 a tonne, a finance ministry notification said.

The tax, levied in the form of special additional excise duty or SAED, on the export of diesel was increased to Rs 6 per litre from Rs 5.50 a litre and on jet fuel or ATF to Rs 4 per litre from Rs 2, it added.

SAED on export of petrol will continue to be zero.