Centre slashes windfall tax on crude oil from Rs 5,050/tonne to Rs 4,350

Windfall tax: The additional excise duty on ATF has been cut to Rs 1.5 per litre from Rs 6 per litre earlier

The Centre on Thursday cut the windfall profit tax on domestically produced crude oil from Rs 5,050 per tonne to Rs 4,350 per tonne. The additional excise duty on ATF was also cut to Rs 1.5 per litre from Rs 6 per litre earlier. 

Further, the government also slashed tax on export of diesel to Rs 2.5 per litre from Rs 7.5 per litre. Petrol continues to have zero excise duty. The new rates will come into effect on February 16.

The windfall tax was first imposed on India first imposed windfall profit taxes on July 1, 2022 and is