Centre cuts windfall tax on crude oil output and diesel exports

The government on Thursday slashed to less than half the windfall profit tax on domestically produced crude oil and also reduced the levy on diesel.

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 issued on Thursday.

In the fortnightly revision of windfall profit tax, the government cut the rate on export of diesel to Rs 8 per litre from Rs 10.5