Centre tweaks windfall tax, raises petrol export duty
NEW DELHI: The Centre on Tuesday revised the windfall tax on fuel exports, increasing the levy on petrol while reducing duties on diesel and aviation turbine fuel (ATF). The revised rates will come into effect from July 1.
According to a Finance Ministry notification, the special additional excise duty (SAED) on petrol exports has been increased to Rs 4 per litre from the existing Rs 1.5 per litre.
At the same time, the export duty on diesel has been cut to Rs 8.5 per litre from Rs 14 per litre, while the levy on ATF exports has been reduced to Rs 7.5 per litre from the current Rs 12.5 per litre.
The ministry said the revised duties will remain effective for the fortnight beginning July 1.
The government first imposed export duties on diesel and ATF on March 27 amid rising tensions in West Asia and has since reviewed the rates every fortnight. An export levy on petrol was introduced later, with effect from May 16.
According to a Finance Ministry notification, the special additional excise duty (SAED) on petrol exports has been increased to Rs 4 per litre from the existing Rs 1.5 per litre.
At the same time, the export duty on diesel has been cut to Rs 8.5 per litre from Rs 14 per litre, while the levy on ATF exports has been reduced to Rs 7.5 per litre from the current Rs 12.5 per litre.
The ministry said the revised duties will remain effective for the fortnight beginning July 1.
The government first imposed export duties on diesel and ATF on March 27 amid rising tensions in West Asia and has since reviewed the rates every fortnight. An export levy on petrol was introduced later, with effect from May 16.
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