The central government slashed the windfall tax on domestically produced crude oil and diesel effective December 16, 2022. The Ministry of Finance slashed the tax on crude oil produced by firms such as state-owned Oil and Natural Gas Corporation (ONGC) to Rs 1,700 per tonne from the existing Rs 4,900 per tonne, a government notification said. The ministry also cut the rate on diesel exports to Rs 5 per litre from Rs 8 per litre in the fortnightly revision of the windfall profit tax. Levy on aviation fuel ATF is been cut to Rs 1.5 per litre. Finance Minister Nirmala Sitharaman Meets Global Tech Summit Team, Extends Support To Promote India’s G20 Presidency
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Government slashes windfall tax on diesel, ATF | The tax on domestic crude oil export has been reduced to Rs 1,700 per tonne from the existing Rs 4,900 per tonne, as per government notification. Tax on ATF has been reduced to Rs 1.5 per litre from Rs 5 per litre. pic.twitter.com/VJeu59jkSk
— ANI (@ANI) December 16, 2022
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