Government has cuts windfall tax on crude petroleum to Rs 5700 per tonne from Rs 8400 per tonne with effective from May 16, according to a Gazette notification.
The windfall tax on diesel, petrol and ATF will continue to be nil.
Windfall tax is revised every two weeks, and on May 1 during the last review, tax on petroleum crude was reduced to Rs 8,400 per tonne from Rs 9,600 tonne.
The tax was introduced on crude oil producers and on exports of gasoline, diesel and aviation fuel in July 2022 regulate private refiners selling fuel overseas, instead of supplying for local consumption.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
