Govt scraps windfall tax on petroleum crude, effective from Sep 18 | News

The Indian government has cut the windfall tax on petroleum crude to zero from 1,850 rupees per metric ton, effective from Sept. 18, a notification issued on Tuesday showed.

The Indian government reviews the windfall tax every fortnight, and the cut comes after a significant decline in crude prices.

Global benchmark Brent crude prices have fallen to below $75 a barrel from over $92 a barrel in April.