Govt cuts windfall tax on petroleum crude, will be effective from Oct 18
India has cut windfall tax on petroleum crude, aviation turbine fuel and diesel, according to a government notification on Tuesday.
The windfall tax on petroleum crude will be reduced to 9,050 Indian rupees ($108.74) per ton from 12,200 Indian rupees per ton, effective Oct 18.
The government also cut windfall tax on aviation turbine fuel to 1 rupee per litre from 3.50 rupees per litre and reduced windfall tax on diesel to 4 rupees per litre from 5 rupees per litre.Last month, on Sept 29, government had increased windfall tax on petroleum crude, while reduced it on aviation turbine fuel and diesel. The windfall tax on petroleum crude was raised to 12,100 rupees ($145.65) per ton from 10,000 rupees ($120.37).
While, the levy on aviation turbine fuel had been reduced t...