Govt cuts windfall tax on crude oil to Rs 1,300 from Rs 5,000 per tonne

The government on Monday cut the windfall profit tax on crude oil produced in the country and on exports of diesel.

The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil has been reduced to Rs 1,300 from Rs 5,000 per tonne, according to an official notification.

SAED on the export of diesel has been reduced to Rs 0.50 a litre from Rs 1 per litre.

However, the levy on export of jet fuel or ATF has been hiked to Rs 1 per litre from nil earlier.