The government on Thursday cut the windfall profit tax on domestically produced crude to less than half and also lowered the levy on diesel.

The changed tax rates will come into effect on December 2, 2022.

The tax on crude oil produced by companies including the state-owned Oil and Natural Gas Corporation (ONGC) has been reduced to Rs 4,900 per tonne from the existing Rs 10,200 per tonne, according to a government notice issued on Thursday.

In the fortnightly revision of the windfall profit tax, the…

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