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The government on Wednesday slashed windfall tax on domestically produced crude oil to Rs 4,600 per tonne from Rs 7,000 per tonne.
The tax is levied in the form of Special Additional Excise Duty (SAED).
The SAED on the export of diesel, petrol and jet fuel or ATF has been retained at nil.
The new rates become effective on August 1, an official notification said.
Earlier the government has raised the windfall tax to Rs 7,000 from Rs 6,000 on July 15.
Earlier the government has raised the windfall tax to Rs 7,000 from Rs 6,000 on July 15.
India first imposed windfall profit taxes on July 1, 2022, and joined a host of nations that tax supernormal profits of energy companies.
The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.
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From July 2022, India started taxing crude oil production and exports of gasoline, diesel and aviation fuel to regulate private refiners that wanted to sell fuel overseas instead of locally to gain from robust refining margins.
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