The Central government has lowered the windfall gains tax on exports of petrol, diesel, and aviation turbine fuel (ATF), effective Saturday, the finance ministry said in a notification.
The windfall tax on diesel exports was cut to Rs 24 per litre from Rs 25.5 per litre earlier. The duty on ATF comes down by Rs 2.5 per litre to Rs 19.5 per litre.
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Duty on petrol exports has also been reduced to nil from Rs 3.5 per litre, according to the notification.
“There is no change in the existing excise duty rates on petrol and diesel cleared for domestic consumption,” the ministry said.
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The government first imposed export duties on diesel and ATF on March 27 to ensure domestic availability of petroleum products by disincentivising exports in the backdrop of the West Asia war and surge in global energy prices.
The Centre reviews the rates every fortnight based on international prices of crude oil and petroleum products. Petrol exports were brought under the windfall-tax framework from May 16.
TOPICSexportThis article was first uploaded on August fifteen, twenty twenty-six, at twenty-five minutes past five in the evening. © The Indian Express (P) Ltd