Govt reduces windfall gain tax on crude production, ATF and diesel export

The government has reduced windfall profit tax levied on domestically-produced crude oil as well as on the export of diesel and ATF.

Windfall tax on crude petroleum cut to Rs 4,350 from Rs 5,050/tonne while special additional excise duty on ATF cut to Rs 1.50/L from Rs 6/litre. The special additional excise duty on diesel has been cut to Rs 2.50/L from Rs 7.50/L.