India cuts windfall tax on crude oil to Rs 10,500 per tonne

The Indian government today reduced windfall profit tax on locally produced crude oil, and on export of diesel and aviation turbine fuel, amid a decline in global crude oil prices.

New Delhi has cut cess on crude to Rs 10,500 per tonne, according to a notification from the Ministry of Finance. India has also lowered windfall tax on diesel to Rs 10 per litre and on ATF to Rs 5 per litre.