The government slashed the windfall gains tax on the domestic production of crude petroleum by Rs 900 per tonne from Rs 4,400 tonne to Rs 3,500 per tonne. The new rate will come into effect from Tuesday.
The central government had last hiked the windfall tax on the production of crude petroleum by Rs 50 per tonne from Rs 4,350 per tonne to Rs 4,400 per tonne on March 4. Windfall tax is levied on companies and sectors that report sudden profits.
(More details awaited)