Govt cuts windfall tax on petrol, diesel exports; excise on crude oil cut to Rs 17,000 per tonne

Government eases windfall tax Diesel, Crude Oil And Jet Fuel Shipments: As crude prices begin sliding under the weight of recession fears, the Centre has eliminated the Rs 6 a litre tax it imposed on export of petrol from the beginning of the month, reduced export taxes on diesel and aviation turbine fuel by Rs 2 a litre from Rs 13 and Rs 6 per litre respectively imposed on July 1. The additional excise duty on domestic crude has been reduced by 27% to Rs 17,000 per barrel. New rates will be effective from Wednesday.