New Delhi. The central government has reduced windfall tax (windfall tax) on crude oil produced in the country to zero. Windfall tax on domestic crude oil has been reduced from Rs 4,100 per tonne to nil. Along with this, zero rate of tax on export of diesel and aviation fuel (ATF) has been continued. The new rates have come into effect from Tuesday.
Windfall tax on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been reduced from Rs 4,100 per tonne to nil, according to a notification issued by the government on Monday. This is the second time, the Special Additional Excise Duty (SAED) for domestically produced oil has been reduced to zero. This levy was introduced in July last year.
Earlier on May 2, the government had reduced the windfall tax on crude oil from Rs 6,400 per tonne to Rs 4,100 per tonne. At the same time, the levy on export of petrol and diesel was reduced to zero, which remains at the same level. Similarly, the levy on export of aviation turbine fuel (ATF) also remains nil.
The government had introduced a windfall tax on domestically produced crude oil from July 1 last year. The price of crude oil in the international market has come down to around $ 76 per barrel, after which the windfall tax on domestic crude oil has been cut. The government reviews the windfall tax every 15 days.
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