Windfall tax on locally-produced crude oil cut to Rs 3500 per tonne from Rs 4400 per tonne

The Centre slashed the windfall tax on locally-produced crude oil to Rs 3,500 per tonne from Rs 4,400 per tonne earlier yesterday. The government hiked the export duty on diesel from Rs 0.50 per litre to Rs 1 per litre. Petrol and Aviation Turbine Fuel (ATF) have been exempted from the export levy. The new rates will be effective March 21. This is the second rate cut in March.

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