The Centre on Tuesday, slashed windfall tax on domestically produced crude oil to zero, according to a government notification.
This marks the second instance when the tax is scraped to zero since the tax’s implementation. The earlier cut was announced on April 4, 2023. The government reviews and revises the tax on a fortnightly basis.
The last such revision took place on August 31 when the windfall tax on crude petroleum was reduced to Rs 1,850 per tonne from Rs 2,100 per tonne.
Prior to that, the government revised the windfall gains tax on petroleum products on August 17, lowering it to Rs 2,100 per tonne from Rs 2,400 per tonne.