The authorities has lower windfall tax on domestically produced crude oil to ₹8,400 per tonne from ₹9,600 per tonne with impact from Wednesday.
The tax is levied within the type of Special Additional Excise Duty (SAED).
The SAED on the export of diesel, petrol and jet gasoline or ATF, has been retained at nil. The new charges are efficient from May 1, an official notification stated.
India first imposed windfall revenue taxes on July 1, 2022, becoming a member of a number of countries that tax supernormal income of vitality firms.
The tax charges are reviewed each fortnight primarily based on common oil costs within the earlier two weeks.
