Team Blitz India
NEW DELHI: India has cut the windfall tax on petroleum crude to Rs 5,700 ($68.34) per metric tonne from Rs 8,400 with effect from May 16, according to a notification issued on May 15.The tax, which is revised every two weeks, remains unchanged at zero for diesel and aviation turbine fuel.
Earlier, on May 1, the Government cut the windfall tax on petroleum crude to Rs 8,400 a metric tonnefrom Rs 9,600.
India started the tax on crude oil producers and on exports of gasoline, diesel and aviation fuel in July 2022 to regulate private refiners who wanted to sell fuel overseas instead of locally in a bid to gain from robust refining margins.
