Government eases windfall tax Diesel, Crude Oil And Jet Fuel Shipments: The government on Wednesday lowered the 19-day-old windfall taxes on domestic crude and exports of diesel and aviation turbine fuel and removed the tax on overseas shipment of petrol, as global crude prices moved to a lower “band” and refining spreads of domestic fuel companies have declined. It also cut the new cess on domestically produced crude by 27%.
The taxes were imposed on July 1 to rein in inflation and ensure adequate availability of the transport fuels in the local market.
