Govt slashes windfall tax on petrol, diesel, ATF as crude oil prices drop

Effective from July 20, Rs 6 a litre tax on petrol export has been completely scrapped

The government on Wednesday slashed the newly-introduced windfall tax on petrol, diesel, aviation fuel, and crude oil following global oil price ease from a sharp spike.
The move, which is effective from July 20, will give relief to top fuel exporters like Reliance Industries, and oil explorers like Oil and Natural Gas Corporation (ONGC).
The Centre has scrapped a Rs 6 per litre tax on the export of petrol completely and reduced the same on aviation turbine fuel (ATF) to Rs 4 a litre from Rs 6 per litre. Besides, the tax on diesel has been reduced to Rs 11 from Rs