India slashes windfall tax on domestic crude

Representative image. Credit: AFP File Photo

The Indian government has cut a windfall tax on domestically produced crude oil to Rs 8,000 per tonne from Rs 10,500 per tonne from Sunday, after a decline in global oil prices.

Also Read | India defers tax levy on dirtier fuel amid price hike

India has also scrapped an export tax on jet fuel and halved export duties on diesel to Rs 5 per litre from Sunday, a government notification said.

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