NEW DELHI The government on Thursday reduced windfall tax on crude oil to Rs 6,300 per tonne from Rs 9,800 in its fortnightly review which will benefit upstream oil companies including ONGC and Oil India Ltd.
In the last fortnightly review on October 31, the government had hiked the windfall tax on crude to Rs 9,800 per tonne from Rs 9,050 with effect from November 1 as oil prices had risen.
The increase in windfall tax helps the government to raise more funds to finance the subsidy on LPG and CNG while keeping the fiscal deficit in control.
