India cuts windfall tax on crude oil to Rs 1,900 per tonne from Rs 2,100 per tonne

India Monday reduced windfall tax on crude oil to Rs 1900 per tonne from Rs 2100 per tonne.

It has also reduced levy on ATF to Rs 3.5 per litre from earlier Rs 4.5 per litre and has reduced export duty on diesel to Rs 5 per litre, including cess.

India imposed the windfall profit tax, from July, joining a nations that tax super normal profits of energy companies.

The government has maintained that the levy was introduced in view of the windfall gains made by the domestic crude producers and refiners due to high global crude and product prices.

Since then the rates are revised every fortnight.