Govt reduces windfall tax on crude oil to Rs 10,500 from Rs 13,000/tonne

Govt have reduced windfall tax on domestic produced crude oil from 13000/tone to Rs 10.500/tone

The Circular have been released on Sept 16 by Finance ministry

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Additionally they have also reduced tax on export of Diesel and ATF

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The decision will come into force from sept 17

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On the export of diesel the cess is reduced to Rs 6.50/litre from Rs 13.5/litre

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ATF (Aviation Turbine Fuel ) export was cut to Rs 8.5/litre from Rs 9/litre

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For your information International oil prices is trading at 6 month low

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Currently the cost of crude oil buying for India is around $92.67 per barrel, which was $97.40 in previous month.

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