Windfall tax on domestic crude oil, ATF cut

The central government has reduced tax on domestically-produced crude oil to Rs.10,500 per tonne from Rs.13,300 per tonne. It also reduced the windfall profit tax on the export of diesel to Rs.8.5 per litre from Rs.13.5 and on aviation turbine fuel (ATF) from Rs.9 per litre to Rs.5. This is the fifth revision of windfall tax since its implementation on 1 July 2022. The new rates will be effective from 17 September 2022.