New Delhi: India has slashed the windfall tax on the export of crude oil from Rs 11,000 to Rs 9,500 per tonne, as per an official gazette notification by the Ministry of Finance.
However, the windfall tax on the export of aviation turbine fuel (ATF) has been hiked from Rs 3.50 per litre to Rs 5, and from Rs 12 per litre to Rs 13 for diesel.
A tax levied on an unforeseen or unexpectedly large profit is called a windfall tax.
