India cuts windfall tax on diesel, aviation fuel shipments

India has cut a windfall tax on diesel and aviation fuel shipments by 2 rupees a liter, according to a government notification.

New Delhi also cut the tax on domestically produced crude to 17,000 rupees a tonne, effective July 20.

On July 1, India had imposed the windfall tax on oil producers and refiners who boosted product exports to gain from higher overseas margins.