India has cut the windfall tax on petroleum crude to zero from Rs 4,100 ($50.13) per tonne. The cut will be effective Tuesday onwards, a government notification stated.
Earlier in May, the windfall tax on domestic crude oil was slashed to Rs 4,100 per tonne from Rs 6,400 per tonne. Whereas, the government left the windfall tax on petrol, diesel, and aviation turbine fuel (ATF) unchanged at zero.
Previously, the government announced the reimposition of the windfall profit tax on domestically produced oil from zero to Rs 6,400 per tonne. The government also scrapped the export duty on diesel.
