Govt cuts windfall tax on domestic crude oil, hikes levy on jet fuel

In its fortnightly review of windfall tax, the government on Tuesday slashed the levy on domestically produced crude oil, though it hiked the tax on export of diesel and jet fuel or ATF in sync with high international prices.

Tax on domestically produced crude oil was brought down to Rs 9,500 per tonne from Rs 11,000, effective November 2, a notification said.

Windfall tax on jet fuel was increased to Rs 5 per litre, from Rs 3.50 per litre.

The government also hiked the levy on export of diesel to Rs 13 per litre from Rs 12 per litre.

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