The center cut the windfall tax on crude oil to Rs. 9,500 per tonne from previously Rs. 11,000 on Tuesday. The change will apply from November 2, according to a government statement.
The center also increased the special surcharge on jet fuel exports from 3.5 rupees per liter to 5 rupees per liter.
The special surcharge on export of diesel has also been increased from Rs 12 per liter to Rs 13 per liter.
The windfall tax is intended to reduce the…