Windfall tax slashed: Down 65% on crude oil, and 37% on diesel exports

Windfall tax: The levy on diesel exports has been cut from Rs 8 to Rs 5 per litre and on aviation fuel from Rs 5 to Rs 1.5 per litre

The Union government on Friday slashed the windfall tax on domestically produced crude oil and diesel effective December 16, 2022. 

The Ministry of Finance slashed the tax on crude oil produced by firms such as state-owned Oil and Natural Gas Corporation (ONGC) to Rs 1,700 per tonne from the existing Rs 4,900 per tonne, a government notification said. The ministry also cut the rate on diesel exports to Rs 5 per litre from Rs 8 per litre in the fortnightly revision of the windfall profit tax. 

The windfall tax on aviation fuel ATF has been reduced to Rs 1.5 per