The government on Thursday slashed to less than half the windfall profit tax on domestically produced crude oil and also reduced the levy on diesel.
The tax on crude oil produced by firms such as ONGC has been reduced to Rs 4,900 per tonne from the existing Rs 10,200 per tonne. The government also cut the rate on export of diesel to Rs 8 per litre from Rs 10.5 per litre. The new rates will be effective from December 2.
