Windfall profit tax cut on domestic crude oil, diesel; scrapped for jet fuel

According to a Finance Ministry notification issued late Saturday night, the tax on domestically produced crude oil was reduced from ₹10,500 to ₹8,000 per tonne. The levy on the diesel export was reduced to ₹5 per litre from ₹10 per litre. The government also scrapped the export tax on jet fuel completely. All the changes will be effective immediately.