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The government has cut the windfall gains tax on the export of diesel while raising the duty on petrol exports for the fortnight starting October 16. The duty on export of aviation turbine fuel (ATF) remained unchanged at Rs 10.5 per litre, according to a finance ministry notification.
The windfall tax on diesel exports was cut to Rs 8.5 per litre from Rs 16 per litre in the previous fortnight. The duty on petrol has been raised to Rs 2.5 per litre from Rs 0.5 per litre.
“There is no change in the existing excise duty rates on petrol and diesel cleared for domestic consumption,” the ministry said.
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.
TOPICSPetroleumThis article was first uploaded on October sixteen, twenty twenty-six, at twenty minutes past five in the evening. © IE Online Media Services (P) Ltd