The government on Thursday further cut windfall tax on locally produced crude oil and diesel exports.
The revised tax rates become effective from December 2, 2022.
The tax on crude oil produced by firms such as state-owned Oil and Natural Gas Corporation (ONGC) has been reduced to Rs 4,900 per tonne from the existing Rs 10,200 per tonne, as per a government notification.
The government also cut the rate on export of diesel to Rs 8 per litre from Rs 10.5 per litre. The levy includes Rs 1.5 per litre as road infrastructure cess.
The special additional excise duty on petrol continues to remain nil and that on aviation fuel ATF at Rs 5 a litre.
