Centre slashes windfall tax on domestic crude to Rs 1,700 a tonne

The government on December sixteen slashed the providence income tax on regionally produced crude oil and additionally decreased the levy on diesel. The revised tax charges turn out to be powerful from December sixteen, 2022.

The tax on crude oil produced via way of means of companies inclusive of the state-owned Oil and Natural Gas Corporation (ONGC) has been decreased to Rs 1,seven-hundred consistent with tonne from the prevailing Rs 4,900 consistent with tonne, as consistent with authorities notification.

In the fortnightly revision of the providence income tax, the authorities reduce the price on ...