The government today cut the windfall profit tax on domestically produced crude oil. Along with this fortnightly revision in windfall tax, the centre has also slashed the levy on diesel. As per updates, these changes come into effect from today.
According to the revised prices, the windfall tax on crude oil produced by firms such as the state-owned Oil and Natural Gas Corporation (ONGC) has been reduced to Rs 1,700/tonne from the previous Rs 4,900/tonne. Before the previous revision, this amount was Rs 10,200 per tonne.
Prashant Nair assesses the impact of windfall tax cut on ONGC and Reliance. Listen in.
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