The central government Monday slashed the windfall profit tax on domestically produced crude oil to zero in the latest fortnightly review.
The government left the windfall tax on petrol, diesel, and aviation turbine fuel at zero.
Earlier in May, the tax was cut to Rs 4,100 per tonne from Rs 6,400 per tonne. The new rate is effective from May 16, according to a notification by the Central Board of Indirect Taxes and Customs.
On April 4, India cut the windfall tax on petroleum crude to zero from Rs 3,500 per tonne previously. The levy on crude was hiked to Rs 6,400 per tonne on April 19.
