Govt slashes windfall profit tax on domestic crude oil, ATF, diesel export
The government on late Friday slashed windfall gains tax, lowering the duties and cess on domestic crude and export of aviation turbine fuel and diesel following a decline in international crude oil price.
According to the Central Board of Indirect Taxes and Customs (CBIC) notification, it has cut the tax on domestically produced crude oil to Rs 10,500 a tonne from Rs 13,300 earlier.
Instead of Rs 13.5 per litre, the diesel will now export at Rs 8.5/litre. Similarly, ATF shipments will cost Rs 5 a litre, from Rs 9 per litre.
The new rates will be effective September 17.
