The government has cut the windfall profit tax on domestically produced crude oil to zero and halved the levy on the export of diesel to Rs 0.50 per litre . The levy on crude oil produced by companies such as ONGC has been reduced to nil from Rs 3,500 per tonne ($5.8 per barrel), the order dated April 3 said.
Alongside, the government cut the tax on the export of diesel to Rs 0.50 per litre from Re 1, and the same on overseas shipments of ATF remain at nil. The new tax rates come into effect from April 4, the order said. The levy was cut in line with the softening trend seen in international oil prices in the second half of March.
