News > Government cuts windfall tax on domestic crude, slashes rates by Rs 2,700 per tonne

Government cuts windfall tax on domestic crude, slashes rates by Rs 2,700 per tonne

There will be no export duty levied on petrol, diesel, and aviation turbine fuel (ATF) as before. As per the Central Board of Indirect Taxes and Customs (CBIC), the revised rates will come into effect from today. On May 1, the government reduced the windfall tax on domestically produced crude oil from Rs 9,600 per tonne to Rs 8,400 per tonne and they are now reduced to Rs 5,700 per tonne. This tax is imposed as a Special Additional Excise Duty (SAED).