The Central Government on Thursday cut the windfall tax or the special additional excise duty (SAED) on domestically produced crude oil. The windfall tax on domestically produced crude petroleum has been reduced to Rs 3,500 from Rs 4,400/tonne over the past two weeks. The additional duty on diesel has been hiked to Re 1 from Rs 0.5/litre earlier. There is no change on the levy on aviation turbine fuel (ATF) or jet fuel, according to the latest notification issued by the Ministry of Finance. The levy on petrol continues to be nil.
