Windfall profit tax on crude oil cut; levy on export of diesel, ATF hiked

The government on Tuesday cut the windfall tax on domestically produced crude oil while increasing the rate on export of diesel and jet fuel (ATF) in line with rise in international oil prices. The tax on crude oil produced by firms such as state-owned Oil and Natural Gas Corporation (ONGC), was cut to Rs 9,500 per tonne from Rs 11,000, beginning November 2, a government notification showed.

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