The government levies tax on windfall profits made by oil producers on any price they get above a threshold of $75 per barrel
Earlier this month, the government had scrapped the windfall profit tax on ATF (Aviation Turbine Fuel) exports
India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies
At the fifth fortnightly review, the government reduced tax on domestically-produced crude oil to Rs 10,500 per tonne from Rs 13,300 per tonne
