Govt cuts windfall profit tax on domestic crude oil to Rs 13,000 per tonne

The government on Thursday hiked the windfall profit tax on the export of diesel to Rs 7 per litre and that on jet fuel exports to Rs 2 per litre but slashed the levy on domestically produced crude oil. At the third fortnightly review, the government raised the windfall profit tax on the export of diesel to Rs 7 per litre from Rs 5 a litre and brought back a Rs 2 a litre tax on ATF (Aviation Turbine Fuel) exports, a finance ministry notification showed. Last month, the government had scrapped the windfall profit tax on ATF exports. Alongside, the tax on domestically produced crude oil has been cut to Rs 13,000 per tonne from Rs 17,000 a tonne.

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