India has slashed the windfall tax on crude oil. The windfall tax has been reduced from Rs 2,300 per tonne to Rs 1,700 per tonne, according to a gazette notification issued on Monday.
The export tax on petrol, diesel and aviation turbine fuel remains nil. The new tax rates will take effect on Jan 16, it said. India first imposed windfall profit taxes on July 1 last year joining a growing number of nations that tax the supernormal profits of energy companies.